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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$7,600,000

Est. payment - /mo

1.03 Acres Lot

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Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID CV26030999

HOA Y/N No

Year Built 1958

Lot Size 1.030 Acres

Property Sub-Type Apartment

Property Description

We are proud to present Ridgewood Apartments, a pristinely maintained 32-unit asset located at 729 W Foothill Boulevard in Monrovia, California. Situated North of the 210 Freeway, this pride-of-ownership property benefits from a supply-constrained submarket, excellent schools, and consistent high occupancy levels. Monrovia's growing population and the property's historical stability make this is an ideal investment choice for steady rental income and long-term appreciation.
The Ridgewood Apartments is a 32-unit property originally built in 1958, featuring a total building size of ±20,160 SF situated on a ±44,854 SF lot (±1.03 Acres). The property features an excellent unit mix of one and two-bedroom units averaging 633 SF. Meticulously cared for, the asset features a communal laundry facility, mature lush landscaping with a courtyard, and ample carport and surface parking. Most units have been upgraded with vinyl plank flooring, stainless steel appliances, and wall AC/heating.
This opportunity features favorable debt to assume at a 2.95% interest-only rate until November 2030. This rare financing allows a new investor to realize a 7.40% Cash-on-Cash return on current income, with the potential to reach a 10.03% return on pro forma income. The property currently operates at a 5.37% Cap Rate, with a clear path to a 6.80% Cap Rate at market rents.
The city of Monrovia is ideally located within Southern California offering easy access to the 210, 605, 134, 10 and 5 freeways connecting to all of Los Angeles County, Ventura County, San Bernardino and beyond. Its location offers convenient access to neighboring cities within the San Gabriel Valley. Significant local landmarks within a 20- mile radius include: Santa Anita Park, Los Angeles County Arboretum, The Huntington Library, City of Hope Hospital, The Rose Bowl, Dodger Stadium, Crypto.com Arena, Griffith Observatory, Los Angeles Zoo, Hollywood Walk of Fame, Hollywood Bowl, Universal Studios and more.
Ridgewood Apartments in the city of Monrovia is a premier income-producing asset with a compelling 16% rental upside, presenting a stable and lucrative opportunity for 1031 exchange buyers and seasoned investors alike.

Location

State CA

County Los Angeles

Area 639 - Monrovia

Zoning MORH*

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Fireplace No

Laundry Common Area

Exterior

Carport Spaces 29

Pool None

Community Features Curbs, Sidewalks

Total Parking Spaces 36

Private Pool No

Building

Lot Description 31-35 Units/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 8504019038

Energy Description 854.0

Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan

Listing Terms Cash, Cash to Existing Loan, Cash to New Loan

Special Listing Condition Standard

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Listed by Eric Chen CB RICHARD ELLIS 626-757-5717

NEARBY SCHOOL & BUSINESS

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729 W Foothill BLVD Monrovia, CA 91016