3002 Pasadena Blvd — Sale in Pasadena, TX

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Pasadena, TX 77503

Photos

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Investment Figures

Cap rate
6.27%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

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 ass • Stable "Net Lease Feel" Expense Structure – Standardized HOA dues cover water, landscaping, exterior insurance, trash, and common area maintenance, creating predictable operating expenses and simplifi • 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 du

Market Context

This multifamily in Pasadena, TX is listed for sale. It is offered at an approximate 6.3% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Pasadena, TX — view the full market.

As of Q1 2026, the Houston multifamily market showed an 11.5% vacancy rate, and average asking rents near $1384.50/unit/mo. Source: multiple brokerage reports, Q1 2026.

Multifamily market FAQ

Is the Houston multifamily market tightening or softening?
Vacancy is around 11.5% (Q1 2026).

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