Question 1

How much does an apartment building cost in Pasadena?

Accepted Answer

Pasadena apartment buildings average $301,000 per unit across the LAAA Team's 18 apartment sales among 22 closed transactions, totaling $58.1M in volume. Pricing varies from $250,000 per unit in eastern Pasadena and Altadena to $400,000+ per unit near Old Town and South Lake Avenue, reflecting the strong walkability and institutional demand in the city's core.

Question 2

What is the average cap rate for Pasadena apartment buildings?

Accepted Answer

Cap rates in Pasadena average 4.09% across the 18 apartment sales within 22 closed transactions. South Pasadena, with its highly rated schools and charming downtown, trades at even lower cap rates. Value-add opportunities in east Pasadena and Altadena offer higher going-in yields with renovation upside.

Question 3

Does Pasadena have its own rent control?

Accepted Answer

Pasadena adopted its own Rental Housing Fee and Tenant Protections ordinance effective February 2022, separate from the LA RSO. It applies to buildings with 4+ units and adds just-cause eviction protections and relocation assistance requirements beyond AB 1482. Buildings with 3 or fewer units remain subject only to AB 1482 statewide provisions.

Question 4

What drives apartment demand in Pasadena?

Accepted Answer

Pasadena's rental demand is driven by Caltech (2,200 students, 3,800 researchers), JPL (6,000 employees), Art Center College of Design, Huntington Hospital, Old Town retail and dining, Metro A Line (formerly Gold Line) connectivity to Downtown LA, and the Rose Bowl events complex. This diverse institutional tenant base supports consistent occupancy above 96%.

Question 5

What apartment submarkets exist within Pasadena?

Accepted Answer

Pasadena's apartment stock concentrates in four main corridors. Old Town Pasadena along Colorado Boulevard offers pre-war character buildings with the city's strongest walkability. The South Lake Avenue commercial corridor commands premium pricing across a mix of mid-century and 1970s buildings near Pasadena's retail core. East Pasadena, running along Colorado Boulevard toward Sierra Madre Villa, provides larger garden-style complexes at lower per-unit pricing. The Fair Oaks Avenue corridor toward Altadena rounds out the market with value-add opportunities in older character buildings.

Question 6

How do Metro A Line stations affect Pasadena apartment values?

Accepted Answer

The Metro A Line (formerly L Line / Gold Line) operates six Pasadena stations (Fillmore, Del Mar, Memorial Park, Lake, Allen, and Sierra Madre Villa), providing direct rail access to Downtown Los Angeles, Union Station, and Long Beach following the 2023 Regional Connector opening. Apartment buildings within walking distance of these stations broaden the tenant pool to renters who commute car-free to DTLA employment, Chinatown, and connecting Metro lines. The Old Town corridor near Memorial Park and Del Mar typically sees the strongest transit-adjacent pricing premiums, while Lake, Allen, and Sierra Madre Villa anchor the eastern Pasadena market.

Year ↓	Address	City	Type	Units	Price	Cap Rate	$/Unit
2023	400 S Mentor Ave	Pasadena	Apartments	21	$7,500,000	4.41%	$357,143
2021	260 Linda Rosa Ave	Pasadena	Apartments	7	$2,350,000	4.06%	$335,714
2021	934 N Lake Ave	Pasadena	Apartments	6	$1,433,000	3.22%	$238,833
2020	827 E Washington	Pasadena	Apartments	8	$2,400,000	5.79%	$300,000
2020	940 N Summit Ave	Pasadena	Apartments	3	$1,225,000	4.90%	$408,333
2019	130 S Euclid Ave	Pasadena	Commercial	—	$4,575,000	5.19%	—
2019	106 N Allen Ave	Pasadena	Apartments	5	$1,325,000	5.33%	$265,000
2019	913 Boston Ct	Pasadena	Land	—	$1,600,000	—	—
2019	759 N Raymond Ave	Pasadena	Apartments	5	$1,050,000	4.84%	$210,000
2019	120 N Bonnie Ave	Pasadena	Apartments	6	$1,700,000	3.35%	$283,333
2019	2047 N Raymond Ave	Pasadena	Apartments	4	$1,650,000	4.23%	$412,500
2019	55 Arlington Dr	Pasadena	Apartments	8	$3,600,000	4.20%	$450,000
2019	435 S Hudson Ave	Pasadena	Apartments	9	$3,500,000	4.10%	$388,889
2018	233 S Euclid Ave	Pasadena	Land	—	$12,500,000	3.13%	—
2018	837 N El Molino Ave	Pasadena	Apartments	6	$2,050,000	4.65%	$341,667
2018	139 S Rosemead Blvd	Pasadena	Apartments	6	$1,125,000	2.72%	$187,500
2018	180 S Rosemead Blvd	Pasadena	Land	—	$1,750,000	—	—
2018	340 S Madison Ave	Pasadena	Apartments	6	$2,025,000	6.33%	$337,500
2017	1388 E Orange Grove Blvd	Pasadena	Apartments	4	$1,100,000	3.83%	$275,000
2017	837 N El Molino Ave	Pasadena	Apartments	6	$1,000,000	1.92%	$166,667

Pasadena Apartment Building Sales

Pasadena Multifamily Market Overview

Market Snapshot

Rents by Unit Type

Investment Activity (Trailing 12 Mo)

Pasadena Market Area

LAAA Team Closings in Pasadena

Recent Deal Stories

400 S Mentor Ave

260 Linda Rosa Ave

934 N Lake Ave

Our Active Listings in Pasadena

Pasadena Multifamily Investment FAQs