1111 Apple Ave 6 Unit Apartment Building $1,450,000 ($241,667/Unit) 5.02% Cap Rate Wrightwood, CA 92397

Leola Commercial, Inc. is proud to exclusively present 1111 Apple Avenue — a rare opportunity to acquire a stabilized six-unit multifamily asset in the highly desirable mountain community of Wrightwood, CA.
This pride-of-ownership property consists of six large two-bedroom, one-bathroom townhome-style units totaling approximately 6,602 rentable square feet on an expansive 18,489 square foot lot. Each unit features a highly desirable two-car attached garage with direct access — an amenity rarely found in comparable multifamily properties and a significant competitive advantage within the market.
All six units have been renovated with new flooring and fresh interior paint, creating strong in-place income while minimizing immediate capital expenditure requirements. Major capital improvements include a newer roof (2022) and newer water heaters in most units, providing additional operational stability for the next owner.
Compelling Value-Add Opportunity
Current rents are approximately 31% below market, presenting a clear and measurable path to income growth. An investor has the opportunity to capture significant upside through natural rent increases and improved management efficiencies. Additionally, the oversized garage configuration offers potential for future ADU conversion (buyer to verify), creating an additional layer of long-term value enhancement.
The property benefits from convenient access to State Highway 2 and Highway 38 and is located approximately 15 miles from Interstate 15, ensuring connectivity to surrounding employment hubs while maintaining Wrightwood’s desirable small-town, mountain lifestyle.
Founded in 1924 and located in the scenic Swarthout Valley, Wrightwood is a well-established mountain community known for its year-round recreation, including skiing at Mountain High and hiking along the Pacific Crest Trail. Once primarily a vacation destination, the area now supports over 4,000 full-time residents and continues to attract families and professionals seeking affordability relative to nearby Southern California markets.
With a median household income of approximately $78,496 and an average household income of approximately $112,633 (2024/2025 data), Wrightwood demonstrates stable household earnings that support long-term rental demand.