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Sam And Eliza Othman

realtor@othmanteam.com +1(951) 333-5100

$ 4,200,000

Est. payment -/mo

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Price Dropped by $350K

501 S Myrtle AVE Monrovia, CA 91016

6,699 Sqft Lot

UPDATED:

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 2024

Lot Size 6,699 Sqft

Property Sub-Type Mixed Use

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

Listed by Denise Mitchell Realty Executives SCV 661-313-6860

Nearby Locations

SCHOOLSPROPERTIES

Elementary Schools 20

10

Holly Avenue Elementary School

Public | KG - 5
10

Longley Way Elementary School

Public | KG - 5
9

Baldwin Stocker Elementary School

Public | KG - 5
9

Highland Oaks Elementary School

Public | KG - 5
9

Camino Grove Elementary School

Public | KG - 5
7

Mayflower Elementary School

Public | KG - 5
7

Monroe Elementary School

Public | KG - 5
6

Plymouth Elementary School

Public | KG - 5
6

Bradoaks Elementary School

Public | KG - 5
5

Rio Hondo School

Public | KG - 8
5

Wild Rose School of Creative

Public | KG - 5
5

Maxwell Elementary School

Public | KG - 6
5

Beardslee Elementary School

Public | KG - 6
4

Rancho Learning Center (Alternative)

Public | 1 - 12
4

Mountain Park

Public | KG - 12
3

Margaret Heath Elementary School

Public | KG - 6
0

Holy Angels School

Private | PK - 8
0

Barnhart School

Private | KG - 8
0

Sierra Madre Community Nursery School

Private | PK - KG
0

Wonder Years Montessori

Private | KG - KG

Middle Schools 9

10

Foothills Middle School

Public | 6 - 8
9

Richard Henry Dana Middle School

Public | 6 - 8
9

First Avenue Middle School

Public | 6 - 8
8

Sierra Madre Middle School

Public | 6 - 8
6

Santa Fe Middle School

Public | 6 - 8
6

Clifton Middle School

Public | 6 - 8
1

Opportunities for Learning - Duarte

Public | 7 - 12
0

Quest Academy Community Day

Public | 7 - 12
0

Northview Intermediate School

Public | 7 - 8

High Schools 6

9

Arcadia High School

Public | 9 - 12
7

Monrovia High School

Public | 9 - 12
6

Duarte High School

Public | 9 - 12
0

Arroyo Pacific Academy

Private | 9 - 12
0

Arcadia College Preparatory

Private | 9 - 12
0

Canyon Oaks High School

Public | 9 - 12

School and business data provided by Attom Data.

Sam And Eliza Othman

Broker Associate | License ID: 00928035 - 00961200

+1(951) 333-5100

Sam And Eliza Othman

501 S Myrtle AVE Monrovia, CA 91016

Key Details

Location

Interior

Building

Others

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501 S Myrtle AVE