CA > Monrovia
Monrovia, CA 91016,137 N Myrtle AVE
Monrovia, CA 91016,137 N Myrtle AVE
Monrovia, CA 91016,137 N Myrtle AVE
Additional details
Paul Ward

Paul Ward

+1(805) 479-5004
$5,975,000
Est. payment /mo
29 Beds
30 Baths
14,405 SqFt
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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 14,405 sqft

Price per Sqft $414

MLS Listing ID 25625357

Bedrooms 29

HOA Y/N No

Year Built 1958

Lot Size 0.754 Acres

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

Area 639 - Monrovia

Zoning MORH*

Interior

Fireplace No

Exterior

Parking Features Assigned

Total Parking Spaces 16

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 8519023005

Special Listing Condition Standard

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CRMLS – RECore
Listed by Roderick 'Rick' Raymundo Marcus & Millichap
Paul Ward
Paul Ward

Broker Associate | License ID: 01354001

+1(805) 479-5004 | paul@homeandranchteam.com

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