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Brad Dhesi

brad@braddhesi.com +1(949) 433-6573

$ 9,680,000

Est. payment | -/mo

44 Beds

44 Baths

22,784 SqFt

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$ 9,680,000

Est. payment | -/mo

Save

44 Beds

44 Baths

22,784 SqFt

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

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Jacob Plewa REMAX COMMERCIAL & INVESTMENT REALTY #02041641

Nearby Locations

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(949) 433-6573

brad@braddhesi.com

4010 Barranca Pkwy Suite 100, Irvine, CA 92604, USA

819 Wright AVE Pasadena, CA 91104

Brad Dhesi

Key Details

Location

Interior

Exterior

Building

Others

Nearby Locations

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819 Wright AVE