Silva Babaian  Realtor, Real Estate Agent, Granada Hills, CA

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    501 Myrtle Avenue, Monrovia, CA 91016
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    • MLS#: SR24225737 ( Mixed Use )
    • Street Address: 501 Myrtle Avenue
    • Viewed: 23
    • Price: $4,550,000
    • Price sqft: $0
    • Waterfront: No
    • Year Built: 1955
    • Bldg sqft: 0
    • Days On Market: 153
    • Additional Information
    • County: LOS ANGELES
    • City: Monrovia
    • Zipcode: 91016
    • Provided by: Realty Executives SCV
    • Contact: Denise Denise
    • California Regional MLS IDX
    • DMCA Notice
    • 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, 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!
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    Features
    Accountingtype
    1. Actual
    Building Area Total
    1. 17691.00
    Commoninterest
    1. None
    Cooling
    1. Central Air
    2. Wall/Window Unit(s)
    Country
    1. US
    Current Financing
    1. None
    Expense Year
    1. 2024
    Heating
    1. Central
    Land Use
    1. Office
    2. Other
    3. Retail
    Laundry Features
    1. None
    Netoperatingincome
    1. 230463.00
    Otherincome1
    1. 50110.00
    Parcel Number
    1. 8516023085
    Postalcodeplus4
    1. 2813
    Property Type
    1. Mixed Use
    Totalexpenses
    1. 68604.00
    Views
    1. 23
    Water Source
    1. Public
    Year Built
    1. 1955
    Headshot for Associate Silva Babaian
    1. Silva Babaian / Realtor
    2. Coldwell Banker Exclusive
    3. CalBRE Lic # 01365805
    4. Mobile: 818.414.6744
    5. Fax: 818.338.5836