41
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$5,695,000
Est. payment /mo
14,405 SqFt
Active
137 N Myrtle Avenue Monrovia, CA 91016
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Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 14,405 sqft
Price per Sqft $395
MLS Listing ID CL25625357
HOA Y/N No
Year Built 1958
Lot Size 0.754 Acres
Acres 0.754
Property Sub-Type Other
Property Description
Spanning four separate buildings, 137 and 147 N Myrtle Avenue, along with 146 and 148 Stedman Place, the property covers three separate parcels totaling a large 32,485 square foot, block-to-block area of land. Because the City of Monrovia does not have its own restrictive local rent control, the property benefits from higher allowable rent increases under California's statewide AB 1482. This may help a new owner to recapture the approximately 26% in rent upside more rapidly, leading to a more dramatic increase in future cash flow. Monrovia is also not subject to the expensive Measure ULA taxes that burden nearby Los Angeles, allowing investors to keep substantially more profits from building ownership. The buildings feature an excellent unit mix with mostly two-bedroom apartments throughout. Most of these units have already been upgraded to include varying combinations of remodeled bathrooms, updated kitchen appliances, new wood flooring, and, in select units, upgraded electrical panels and in-unit washer/dryers. The location grants tenants the convenience and walkability of more urban neighborhoods, as confirmed by its "Walker's Paradise" designation with a Walk Score of 92, along with the calm and comfort of a more suburban town. This is due largely to the property's location near the sought-after Old Town Monrovia business district, which runs along Myrtle Avenue just one block south of the property.
Location
State CA
County Los Angeles
Zoning MORH*
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 8519023005
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Listed by Roderick 'Rick' Raymundo • Marcus & Millichap
A FEW WORDS FROM PAST CLIENTS
NEARBY SCHOOL & BUSINESS
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Mike & Jules Guzzardo Team With Jenny Biczkow
Realtor | r01066846,01955798,02086289
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