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501 S Myrtle Avenue

Monrovia, CA 91016
  • $3,599,000
  • STATUS: Active Under Contract
  • ON SITE: 70 Days
  • MLS #: SR21242551
Under Contract
UPDATED: 17 min ago
$3,599,000
  • 0
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1955
County:

School Ratings & Info

Listing Agent(s): Denise Mitchell of Realty Executives Scv (661-250-8600)


Description

Rare opportunity to own this property that includes includes 501-503 S. Myrtle Avenue and 50-100 W. Lemon Avenue. This Old Town Monrovia area that is so charming and people love to come to this street for the weekly farmers market and quaint restaurants and more. Two-story mix-used building with retail and offices situated on the first floor, second story executive offices and a usable basement level that is currently rented as executive offices and storage areas. Two retail spaces on the first floor- one is a well-established salon. Many of the office suites are leased MTM with below market rents. Great opportunity for an investor to realize an upside in current market rents. Also an opportunity for an office owner/user to occupy first or second floor office space. The building has 17,691 total SF with 6,174 SF on the first floor, 5,548 SF on the second floor and 5,969 SF in the basement level. The building has fire sprinklers, 6 common area restrooms, 3 private restrooms, 2 kitchens and 2 janitor closets. Zoned HCD- Historic Commercial Downtown. Located in the heart of Old Town Monrovia. Situated on the busy signalized intersection of Myrtle and Lemon. High-density residential surrounds the property. 210 and 605 freeways are located in close vicinity. It is a heavily pedestrian-oriented shopping destination that consists if retail, restaurants, office an mixed-use properties. High-density residential uses surround the property including most closely The Colorado Commons with seventy two units total an parking structure with over 180 spaces also available for public parking use. The Santa Anita Race Track and Westfield Mall are located 3 miles from this property. The Monrovia Gold-line station is located about 1 mile south of this property. Both 210 and 605 freeways are located in close vicinity with access via Myrtle Avenue. Currently, there are 39 tenants occupied.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-01-18T07:28:14.42. 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 deemed reliable but is not guaranteed accurate by the MLS or ERA CARLILE Realty Group. Licensed in the State of California, USA.
www.carlilerealty.com/homes/123143385
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501 S Myrtle Avenue Monrovia, CA 91016

  • Price: $3,599,000
  • Status: Active Under Contract
  • On Site: 70 Days
  • Updated: 17 min ago
  • MLS #: SR21242551
0
Beds
0
Baths
0
½ Baths
0.15
Acres
1955
Built
Neighborhood:
639 - Monrovia
County:
Los Angeles
Area:
639 - Monrovia
Property Description
Rare opportunity to own this property that includes includes 501-503 S. Myrtle Avenue and 50-100 W. Lemon Avenue. This Old Town Monrovia area that is so charming and people love to come to this street for the weekly farmers market and quaint restaurants and more. Two-story mix-used building with retail and offices situated on the first floor, second story executive offices and a usable basement level that is currently rented as executive offices and storage areas. Two retail spaces on the first floor- one is a well-established salon. Many of the office suites are leased MTM with below market rents. Great opportunity for an investor to realize an upside in current market rents. Also an opportunity for an office owner/user to occupy first or second floor office space. The building has 17,691 total SF with 6,174 SF on the first floor, 5,548 SF on the second floor and 5,969 SF in the basement level. The building has fire sprinklers, 6 common area restrooms, 3 private restrooms, 2 kitchens and 2 janitor closets. Zoned HCD- Historic Commercial Downtown. Located in the heart of Old Town Monrovia. Situated on the busy signalized intersection of Myrtle and Lemon. High-density residential surrounds the property. 210 and 605 freeways are located in close vicinity. It is a heavily pedestrian-oriented shopping destination that consists if retail, restaurants, office an mixed-use properties. High-density residential uses surround the property including most closely The Colorado Commons with seventy two units total an parking structure with over 180 spaces also available for public parking use. The Santa Anita Race Track and Westfield Mall are located 3 miles from this property. The Monrovia Gold-line station is located about 1 mile south of this property. Both 210 and 605 freeways are located in close vicinity with access via Myrtle Avenue. Currently, there are 39 tenants occupied.
Exterior Features

Lot Features Corner Lot Sign On Property YN No

Interior Features

Cooling Central AirWall/Window Unit(S) Cooling YN Yes Heating Central Heating YN Yes

Property Features

Additional Parcels YN No Cap Rate 5.16 Common Interest None Current Financing None Electric Expense 9000 Gross Scheduled Income 269076 Insurance Expense 2678 Laundry Features None Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms 1031 Exchange Maintenance Expense 5000 Net Operating Income 190026 Number Of Units Leased 39 Property Sub Type Mixed Use Special Listing Conditions Standard Supplies Expense 1219 Trash Expense 876 Water Sewer Expense 2016 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-01-18T07:28:14.42. 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 deemed reliable but is not guaranteed accurate by the MLS or ERA CARLILE Realty Group. Licensed in the State of California, USA.
 
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ERA CARLILE Realty Group
1860 Howe Avenue, Suite 100
Sacramento CA, 95825
Listing Agent(s): Denise Mitchell of Realty Executives Scv (661-250-8600)