3002 Pasadena Blvd
Multifamily | 7.90% CAP | 14 Units
Marketing description
Marcus & Millichap is proud to present 3002 Pasadena Blvd, a rare opportunity to acquire 14 condominium units within a well-maintained, gated 21-unit residential community in Pasadena, Texas. The offering consists of twelve spacious two-bedroom units averaging approximately 970 square feet, along with two one-bedroom units, all featuring in-unit washers and dryers — a highly sought-after amenity rarely found in comparable workforce housing product within the submarket. Currently 100% occupied with a long history of stabilized occupancy and tenant waitlists, the asset offers investors immediate cash flow within a supply-constrained segment of the market. Built in 1979, the property is being offered at a basis significantly below estimated replacement cost, positioning the asset favorably against today's elevated construction environment.
Investment highlights
- Rare Scattered-Condo Portfolio Opportunity - Acquire 14 of the 21 units within a gated condominium community, creating meaningful scale and operational control within a historically high-occupancy asset.
- Stable "Net Lease Feel" Expense Structure - Standardized HOA dues cover water, landscaping, exterior insurance, trash, and common area maintenance, creating predictable operating expenses and simplified ownership.
- Below Replacement Cost Basis with Strong Tenant Demand - Built in 1979 and offered significantly below today's replacement cost, the property is 100% occupied with a history of tenant waitlists and durable occupancy performance.
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