819 Wright Avenue, Pasadena, CA 91104 (MLS # 26990875)

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PRICE $9,680,000 dsIDX morgage calculator
BEDS 44
BATHS 44
HOME SIZE 22,784 sqft
LOT SIZE 35,262 sqft
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Rare opportunity to acquire the Wright Avenue Apartments, a 44-unit (43 + 1 non-conforming 2+2) gated multifamily community in Pasadena's desirable Olive Heights / North Central neighborhood. Built in 1971 on an expansive 35,252 SF lot, the property spans approximately 22,784 SF with a functional mix of 33 one-bedroom units, 10 studios, and one non-conforming two-bedroom/two-bath. Residents enjoy controlled-access entry, gated covered parking, on-site laundry, bicycle storage, and a tranquil courtyard featuring a koi pond and tree-shaded seating, while select units feature updated kitchens and interiors. The offering presents extraordinary value-add potential: current rents average $1,486/unit against $2,215 at market a massive 69% upside as units turn to market rents plus an additional path to 59% upside through possible ADU development of the rear parking area into 8 two-bedroom ADUs (buyer to verify). At $220,000 per unit and $425/SF, the property trades at a 5.61% current cap rate with market fundamentals supporting 9.47%. The location is exceptional: Very Walkable (Walk Score 86), a 15-minute walk to the Metro A Line Lake Station, and minutes to Old Pasadena's dining and retail, the Rose Bowl, and South Lake Avenue. Anchored by world-class employers including Caltech, NASA's Jet Propulsion Laboratory, Huntington Hospital, and Kaiser Permanente in a zip code with a $105,958 median household income and $1.6M median home price 819 Wright Avenue offers investors scale, stable in-place income, and one of the deepest rent-growth stories in the Pasadena submarket.

DAYS ON MARKET 1 LAST UPDATED 9/21/2026
YEAR BUILT 1971 COMMUNITY 646 - Pasadena (NE)
COUNTY Los Angeles STATUS Active
PROPERTY TYPE(S) Multi Family


ADDITIONAL DETAILS
AIR Central Air
AIR CONDITIONING Yes
APPLIANCES Dishwasher
AREA 646 - Pasadena (NE)
HEAT Central
LOT 0.8095 acre(s)
LOT DIMENSIONS 150x235
PARKING Covered, Carport, Guest, Gated
SEWER Other
STORIES 3+
MORTGAGE CALCULATOR
   

TOTAL MONTHLY PAYMENT

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Listing provided by : Jacob Plewa, REMAX COMMERCIAL & INVESTMENT REALTY

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