Properties

Monrovia, CA 91016 501 S Myrtle Avenue

501 S Myrtle Avenue Monrovia, CA - Image 1501 S Myrtle Avenue Monrovia, CA - Image 2501 S Myrtle Avenue Monrovia, CA - Image 3
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Presented By: Denise Mitchell with Realty Executives SCV; 661-313-6860
  • MLS# SR24225737
  • 11/01/2024
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  • SQFT • 17,691

Home Details

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, 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. 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. Property was recently upgraded with newer flooring, store front and more!
Presented By: Denise Mitchell with Realty Executives SCV; 661-313-6860

Interior Features for 501 S Myrtle Avenue

Other Interior Features

LivingAreaSourceAssessor
Air Conditioning Y/NYes
Heating Y/NYes
Laundry FeaturesNone
Total Stories2

Other Rooms

Entry Level1

General for 501 S Myrtle Avenue

Additional Parcels Y/NNo
Building Area UnitsSquare Feet
Cap Rate5.7
CityMonrovia
CoolingCentral Air, Wall/Window Unit(s)
CountyLos Angeles
Current FinancingNone
DirectionsCorner of Myrtle and Lemon in Old Town Monrovia
HeatingCentral
Listing Terms1031 Exchange
Lot Size Square Feet6700
Lot Size UnitsSquare Feet
MLS Area639 - Monrovia
Net Operating Income148228.27
Number Of Units Total39
Number of Units Leased39
Occupancy TypeOwner
Operating Expense211463.11
PostalCityMONROVIA
Property Sub Type AdditionalMixed Use
Property SubtypeMixed Use
Property TypeCommercial Sale
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Tax Year2024
Year Built1955

Exterior for 501 S Myrtle Avenue

Building Area Total17691
Lot FeaturesCorner Lot
Lot Size Acres0.1538
Lot Size Area6700
Lot Size SourceAssessor
Number of Buildings1
Water SourcePublic

Additional Details

Price History

Schools

High School Hubert H Humphrey Middle School
Middle School N/A
Elementary School Big Hollow Elementary School

Connect Realty

Price $3,900,000
MLS#SR24225737
List Date 11/01/2024
Property Type Commercial
Phone 888.795.6274
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