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819 Wright Avenue, Pasadena, CA 91104

$9,680,000 Approx. USD 44 beds, 44 baths
22,784 sqft

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Photo of David Browning

Marketed By David Browning REALTOR® - Sales Associate 714-514-1495 m
949-499-5900 o
Lic#: 02093294
NRDS ID: 172507361
DavidBrowning@bhhscal.com Laguna Beach Office
30812 South Coast Hwy
Laguna Beach, CA 92651
Phone: 949-499-5900
Fax: 949-499-1414

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Listing Agent

Jacob Plewa | jake@taksainvestment.com
Lic#: 02041641
Broker: Courtesy of REMAX COMMERCIAL & INVESTMENT REALTY
Phone: 310-922-6124

Agent Remarks

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.

Listing Details

Property type: (Multi-Family)

Status: Active

MLS# 26990875

Price: $9,680,000

Beds: 44

Baths: 44

Built in 1971

22,784 sqft

0.81 acres

Lot size: 0.8095

County: Los Angeles

Zoning: PSR1

Appliances: Dishwasher

Parking description: Covered,Carport,Guest,Gated

Heating/cooling: Central Air

Heating description: Central

MLS area: 646 - Pasadena (NE)

Last Updated: 9/21/2026

Days On Market (DOM): 2

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This listing belongs to the 646 - Pasadena (NE) MLS area

Lat/Long: 34.160000, -118.135458.
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Previous Listing

Photo of David Browning

David Browning REALTOR® - Sales Associate 714-514-1495 m
949-499-5900 o
Lic#: 02093294
NRDS ID: 172507361
DavidBrowning@bhhscal.com
Laguna Beach Office
30812 South Coast Hwy
Laguna Beach, CA 92651