See all 24 photos
24 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$9,680,000
Est. payment /mo
44 Beds
44 Baths
22,784 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 22,784 sqft
Price per Sqft $424
MLS Listing ID 26990875
Bedrooms 44
HOA Y/N No
Year Built 1971
Lot Size 0.809 Acres
Property 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.
Location
State CA
County Los Angeles
Area 646 - Pasadena (Ne)
Zoning PSR1
Interior
Heating Central
Cooling Central Air
Fireplace No
Appliance Dishwasher
Laundry Common Area
Exterior
Parking Features Covered, Carport, Guest, Gated
Community Features Gated
Total Parking Spaces 50
Building
Story 3
Entry Level Three Or More
Sewer Other
Level or Stories Three Or More
New Construction No
Others
Senior Community No
Tax ID 5731009069
Security Features Fire Detection System,Security Gate,Gated Community,Key Card Entry,Smoke Detector(s)
Special Listing Condition Standard
Read Less Info
Listed by Jacob Plewa REMAX COMMERCIAL & INVESTMENT REALTY #02041641
NEARBY SCHOOL & BUSINESS
GET MORE INFORMATION
QUICK SEARCH