$9,680,000

819 Wright Ave, Pasadena, CA 91104

22,784 sq ft

Listed by REMAX Commercial & Investment Realty, Jacob Plewa

Status: Active

MLS® #26990875

Property description for 819 Wright Ave, Pasadena, CA 91104

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.

QUICK OVERVIEW

Built in 1971
$425 / Sq Ft
50 parking spaces
Central Air
Central
21 days on website
0.8095 acres lot

INTERIOR

BUILDING AND CONSTRUCTION

EXTERIOR AND LOT

UTILITIES

AREA AND SCHOOLS

Price per square foot and days on website are not provided values and are calculated by REMAX.

Listing Agent Jacob Plewa

Listing Office REMAX Commercial & Investment Realty, 3108022500

Updated Thursday, August 27, 2026 at 4:00:46 PM

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

NEIGHBORHOOD

About the The Verdugos Neighborhood

The Verdugos is a "jack-of-all-trades" when it comes to the feel of this neighborhood. Even though this area is not known for its lively ambience, its main streets are still quite energetic, and with its over 100 nightlife venues, there are options for nighttime activities. Raymond Avenue in particular offers a wide selection of places to go out at night. The Verdugos is reasonably quiet, as the streets tend to be peaceful, however noise can be bothersome close to the railway line, Long Beach Freeway, Pasadena Freeway or the airport (Bob Hope). There are over 250 green spaces nearby for residents to visit, such as Wildwood Canyon Park and La Tuna Canyon Park, which makes them easy to access.

Learn more about The Verdugos

Daycares

At least one daycare within a very short walk

Quiet

Virtually no sources of noise nearby

Elementary Schools

At least one elementary school within a 10-minute walk

Groceries

Exceptional variety of groceries within a few minutes' walk

Restaurants

Wide variety of restaurants within a few minutes’ walk

CLIMATE RISK FOR 91104

PROPERTY HISTORY FOR 819 WRIGHT AVE

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819 Wright Ave, Pasadena, CA 91104

Property description for 819 Wright Ave, Pasadena, CA 91104

QUICK OVERVIEW

INTERIOR

BUILDING AND CONSTRUCTION

EXTERIOR AND LOT

UTILITIES

AREA AND SCHOOLS

NEIGHBORHOOD

CLIMATE RISK FOR 91104

PROPERTY HISTORY FOR 819 WRIGHT AVE

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PROPERTY HISTORY FOR 819 WRIGHT AVE

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