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Drew Smyth

drew@smyth-properties.com +1(323) 762-5987

$ 9,680,000

Est. payment -/mo

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819 Wright Ave Pasadena, CA 91104

44 Beds

44 Baths

22,784 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 22,784 sqft

Price per Sqft $424

MLS Listing ID 26990875

Bedrooms 44

Year Built 1971

Lot Size 0.810 Acres

Acres 0.8095

Property Sub-Type Multi-Family

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 Pasadena Ne

Zoning PSR1

Rooms

Other Rooms Other

Interior

Heating Central

Cooling Central, Window Unit(s)

Equipment Dishwasher, Intercom

Laundry Community

Exterior

Parking Features Carport, Gated, Parking for Guests - Onsite, Covered Parking

Garage Spaces 50.0

Building

Story 3

Sewer In Street

Level or Stories Three Or More

Others

Special Listing Condition Standard

The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2026 The MLSTM/CLAW. All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by REMAX COMMERCIAL & INVESTMENT REALTY

Drew Smyth

Real Estate Agent

+1(323) 762-5987

Drew Smyth

819 Wright Ave Pasadena, CA 91104

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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819 Wright Ave