Pasadena (NE) (646) Homes with Covered Parking features

Pasadena (NE) (646) Homes with Covered Parking features

Welcome to Pasadena, California, a vibrant city nestled in the heart of Los Angeles County, renowned for its rich cultural heritage, stunning architecture, and picturesque surroundings. With a delightful blend of historic charm and modern amenities, Pasadena is a perfect place for families, professionals, and retirees alike. The city is celebrated for its beautiful tree-lined streets, world-class dining, and eclectic shopping options, all set against the backdrop of the majestic San Gabriel Mountains.

One of the standout features of homes in Pasadena is the availability of covered parking. This amenity not only provides protection for your vehicle from the elements but also adds an extra layer of convenience to your daily routine. Imagine arriving home after a long day, pulling into your driveway, and stepping out of your car without worrying about rain or harsh sunlight. Covered parking is a sought-after feature in this bustling city, ensuring that your vehicle remains safe and secure while you enjoy everything Pasadena has to offer.

Whether you are looking for a charming bungalow, a modern townhouse, or a spacious family home, Pasadena has a diverse real estate market that caters to a variety of tastes and budgets. With its excellent schools, thriving arts scene, and proximity to downtown Los Angeles, it’s no wonder that Pasadena is a desirable place to call home. Explore the enchanting neighborhoods and discover the perfect property that fits your lifestyle, complete with the convenience of covered parking. Welcome to your new Pasadena paradise!

Newest Pasadena (NE) (646) Homes with Covered Parking features

$9,680,000
44 Beds ⋅ 44 Baths ⋅ 26990875 MLS ⋅ Active Status
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.

819 Wright Avenue, Pasadena

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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.