819 Wright Avenue,Pasadena, CA 91104
Pasadena, CA 91104
Description
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.
Details
| MLS # | 26990875 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1971 |
| Days On Site | 39 |
| Listing Provided By | REMAX COMMERCIAL & INVESTMENT REALTY | Jacob Plewa |
Features
| Bed(s) | 44 |
|---|---|
| Bath(s) | 44 |
| SQ Feet | 22,784 |
| Car Port | Yes |
| Story(s) | 3 |
| Units | 44 |
| Building(s) | 1 |
| Zoning | PSR1 |
| Acreage | 0.81 |
Interior
| Cooling | Central Air |
|---|---|
| Heating | Central |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
| Appliances | Dishwasher |
Exterior
| Security Features | Fire Detection System, Security Gate, Gated Community, Key Card Entry, Smoke Detectors |
|---|
Parking
| Parking Features | Covered, Carport, Guest, Gated |
|---|
Utilities
| Sewer | Other |
|---|
Location
| Community Features | Gated |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Pasadena |
| Zip Code | 91104 |
| Area | 646 Pasadena (NE) |
| Listing VS Median (in 91104) | |
Price: $9,680,000 low | high Med: $1,229,000 sqft: 22,784 low | high Med: 1,860 $ / sqft: $425 low | high Med: $661 On site: 39 low | high Med: 8 | |
Market Activity 91104
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Pasadena |
| Zip Code | 91104 |
| Area | 646 Pasadena (NE) |
| Listing VS Median (in 91104) | |
Price: $9,680,000 low | high Med: $1,229,000 sqft: 22,784 low | high Med: 1,860 $ / sqft: $425 low | high Med: $661 On site: 39 low | high Med: 8 | |
