3002 Pasadena Blvd 14 Unit Apartment Building $1,300,000 ($92,857/Unit) 7.98% Cap Rate Pasadena, TX 77503

Marcus & Millichap is pleased to present a rare investment opportunity to acquire 14 condominium units within a gated 21-unit community in Pasadena, Texas. This offering includes twelve spacious two-bedroom units and two one-bedroom units, each averaging approximately 970 square feet and featuring in-unit washers and dryers—a highly desirable amenity in this submarket. The property is 100 percent occupied and benefits from a long-standing history of stable tenancy and waitlists, delivering immediate in-place cash flow to new ownership.
Built in 1979, the community has been maintained to high standards and operates with a stable HOA structure that minimizes owner responsibilities by covering water, landscaping, insurance, trash collection, and common-area upkeep. Positioned within a supply-constrained workforce housing segment, this asset represents significant value creation potential for investors at an offering basis well below new construction replacement cost, amid an environment of sustained tenant demand. This acquisition offers both defensive stability and upside potential, supported by below-replacement pricing and strong market fundamentals in the growing Houston metro area.