Jake Plewa of TR Multifamily at RE/MAX Commercial & Investment Realty is pleased to present for sale the Wright Avenue Apartments, a 44-unit gated community at 819 Wright Avenue in Pasadena's Olive Heights / North Central neighborhood—offered at $220,000 per unit with 69% rent upside to market. Built in 1971 on a 35,252 SF lot, the property comprises approximately 22,784 SF across 33 one-bedroom units, 10 studios, and 1 non-conforming 2BR/2BA. The community is fully gated with controlled-access entry, covered and surface parking, on-site laundry, bicycle storage, and a courtyard centered on a koi pond with tree-shaded seating. Select units feature updated kitchens and interiors. Ancillary income streams are already in place: RUBS ($32,373/year), pet rent, and parking fees. The property boasts a massive upside story near 69%: In-place rents average $1,486/unit against $2,215/unit at market—$32,112/month in loss-to-lease. Current NOI of $543,348 grows to $917,137 at market rents, moving the cap rate from 5.61% going-in to 9.47%. Market GRM of 8.28 vs. 12 current. The rear parking area presents the opportunity to develop 8 two-bedroom/two-bath ADUs at an estimated $3,595/month each (~$28,760/month in new income at an estimated $1M construction cost—buyer to verify). ADU pro forma NOI: $874,612 at current rents / $1,248,400 at market. Quiet, tree-lined street minutes from Old Pasadena, South Lake Avenue, and the Rose Bowl. Very Walkable (Walk Score 86) with a 15-minute walk to the Metro A Line Lake Station—roughly 20–25 minutes by rail to Downtown LA. Pasadena's tenant base is anchored by Caltech, NASA's Jet Propulsion Laboratory, Huntington Hospital, and Kaiser Permanente, sustaining a stable pool of professionals, researchers, students, and medical staff. More than half of Pasadena adults hold a bachelor's degree or higher; the 91104 zip carries a $105,958 median household income and $1.6M median home price.