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140 Melrose Avenue

Monrovia, CA 91016
  • $1,400,000
  • STATUS: Active
  • ON SITE: 20 Days
  • ID#: 22219315
UPDATED: 21 min ago
$1,400,000
  • 6
    BEDS
  • 0.21
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 2,360
    SQFT
  • $593
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1924
County:

School Ratings & Info

Listing Agent(s): Roderick 'Rick' Raymundo of Marcus & Millichap (213-943-1800)


Description

Situated north of Foothill Boulevard at the base of the San Gabriel Mountains, this property sits among million dollar homes in a neighborhood where similar multifamily assets rarely come available for purchase. Under the same family ownership for nearly 15 years, the property has been substantially upgraded. Each of the bungalow-style units includes its own washer/dryer, while three of the four units also have new wood vinyl flooring, copper plumbing, upgraded electrical systems, and remodeled bathrooms. A new investor may be able to capitalize on these improvements as they strive to recapture the approximately 55% rent upside within the income. Future revenues can possibly experience an additional boost through the construction of an ADU in the rear of the property (Buyer to verify). The bungalows sit near the intersection of Foothill Boulevard and Myrtle Avenue, just blocks from Monrovia's primary shopping and entertainment district. Trader Joe's corporate headquarters, the second-largest employer in Monrovia, is only two miles from the property. The Shops at Santa Anita, USC Arcadia Hospital, and Santa Anita Park Racetrack are all just three miles southwest, within the city of Arcadia.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-12-09T08:27:56.187. 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 Beach City Brokers | BCB Premier Estates | The Miller Group. Licensed in the State of California, USA.
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140 Melrose Avenue Monrovia, CA 91016

  • Price: $1,400,000
  • Status: Active
  • On Site: 20 Days
  • Updated: 21 min ago
  • ID#: 22219315
6
Beds
0
Baths
0
½ Baths
0.21
Acres
2,360
SQFT
$593
$/SQFT
1924
Built
Neighborhood:
639 - Monrovia
County:
Los Angeles
Area:
639 - Monrovia
Property Description
Situated north of Foothill Boulevard at the base of the San Gabriel Mountains, this property sits among million dollar homes in a neighborhood where similar multifamily assets rarely come available for purchase. Under the same family ownership for nearly 15 years, the property has been substantially upgraded. Each of the bungalow-style units includes its own washer/dryer, while three of the four units also have new wood vinyl flooring, copper plumbing, upgraded electrical systems, and remodeled bathrooms. A new investor may be able to capitalize on these improvements as they strive to recapture the approximately 55% rent upside within the income. Future revenues can possibly experience an additional boost through the construction of an ADU in the rear of the property (Buyer to verify). The bungalows sit near the intersection of Foothill Boulevard and Myrtle Avenue, just blocks from Monrovia's primary shopping and entertainment district. Trader Joe's corporate headquarters, the second-largest employer in Monrovia, is only two miles from the property. The Shops at Santa Anita, USC Arcadia Hospital, and Santa Anita Park Racetrack are all just three miles southwest, within the city of Arcadia.
Exterior Features

Parking Features Assigned Parking Total 4

Property Features

Association YN No Gross Income 66357 Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 38043 New Construction YN No Senior Community YN No Special Listing Conditions Standard Vacancy Allowance Rate 0 Zoning Mor2*



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-12-09T08:27:56.187. 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 Beach City Brokers | BCB Premier Estates | The Miller Group. Licensed in the State of California, USA.
 
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Beach City Brokers | BCB Premier Estates | The Miller Group
1716 South Catalina Avenue
Redondo Beach CA, 90277
Listing Agent(s): Roderick 'Rick' Raymundo of Marcus & Millichap (213-943-1800)