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501-503 S. Myrtle Avenue

$3,945,000

Monrovia, CA

Details

  • $3,945,000

Property Details
Price: $3,480,000
Building Size: 17,691 SF
Lot Size: 0.15 AC
Price/SF: $252.95 /SF
Property Type: Office
Property Sub-type: Office Building
Additional Sub-types Office-R&D • Free Standing Bldg • Street Retail
Property Use Type: Investment
Commission Split: 2.50%
Cap Rate: 3.50%
No. Stories: 2
Building Class: B
Tenancy: Multiple
Year Built: 1955
Tax ID/APN: 8516-023-085
Status: Active

 

This property includes 501-503 S. Myrtle Avenue and 50-100 W. Lemon Avenue. It is a 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. There are two retail spaces
on the first floor- one is a well-established popular salon. The other is a bridal shop that is currently month-to-month and could be available for an owner user
with approx 2,176-2,822 SF. Many of the office suites are leased month to month 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 square
feet 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, six common area
restrooms, three private restrooms, two kitchens and two janitor closets. It is on master electrical meter with the exception of one unit. Zoned HCD- Historic
Commercial Downtown. Please inquire with listing broker for full offering memorandum
This property is located in the heart of Old Town Monrovia, the city’ s downtown historic commercial district. Situated on the busy signalized intersection of
Myrtle Ave and Lemon Ave. The property is less than one block from the Krikorian theater and closely positioned adjacent to Old Town restaurants, retailers
and office buildings. High-density residential uses surround the property including most closely The Colorado Commons with seventy two units total and
parking structure with over 180 spaces also available for public parking use. The Monrovia Goldline station will be located about 1 mile south of this property
which is expected to be open third quarter 2015. Both the 210 and 605 freeways are located in close vicinity with access via Myrtle Avenue. The property
also enjoys the Monrovia Friday Night Family Street Fair every Friday evening.

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Agent(s) for this listing

Linda Elkaim

Agent
Other listings

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