CA > Monrovia
Monrovia, CA 91016,501 S Myrtle AVE
Monrovia, CA 91016,501 S Myrtle AVE
Monrovia, CA 91016,501 S Myrtle AVE
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$4,800,000
Est. payment /mo
6,699 Sqft Lot
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UPDATED:

11/04/2024 09:38 PM

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

MLS Listing ID SR24225737

HOA Y/N No

Year Built 1955

Tax Year 2023

Lot Size 6,699 Sqft

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, 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!

Location

State CA

County Los Angeles

Area 639 - Monrovia

Interior

Heating Central

Cooling Central Air, Wall/Window Unit(s)

Fireplace No

Laundry None

Building

Lot Description Corner Lot

Story 2

Water Public

Others

Tax ID 8516023085

Acceptable Financing 1031 Exchange

Listing Terms 1031 Exchange

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Denise Mitchell • Realty Executives SCV • 661-313-6860

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