Sold
140 Melrose Avenue
Monrovia CA, 91016
$1,370,000
$580.51 per sqft
Sold
6 Beds
4 Baths
2,360 sqft
Residential
Built in 1924
Listed by Roderick 'Rick' Raymundo with Marcus & Millichap 818-212-2700
Situated north of Foothill Boulevard at the base of the San Gabriel Mountains, this property sits among million dollar homes in a neighborhood where similar multifamily assets rarely come available for purchase. Under the same family ownership for nearly 15 years, the property has been substantially upgraded. Each of the bungalow-style units includes its own washer/dryer, while three of the four units also have new wood vinyl flooring, copper plumbing, upgraded electrical systems, and remodeled bathrooms. A new investor may be able to capitalize on these improvements as they strive to recapture the approximately 55% rent upside within the income. Future revenues can possibly experience an additional boost through the construction of an ADU in the rear of the property (Buyer to verify). The bungalows sit near the intersection of Foothill Boulevard and Myrtle Avenue, just blocks from Monrovia's primary shopping and entertainment district. Trader Joe's corporate headquarters, the second-largest employer in Monrovia, is only two miles from the property. The Shops at Santa Anita, USC Arcadia Hospital, and Santa Anita Park Racetrack are all just three miles southwest, within the city of Arcadia.
22219315
MLSⓇ ID
November 18, 2022
Listed
March 23, 2024
Updated
Map
140 Melrose Avenue
Monrovia CA, 91016
Interior Features
Total Stories
1
Bedrooms
6 Beds
Bathrooms
4 Baths
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.21 Acres
Other Property Details
Area Name
639 - Monrovia
Days on Market
41
Garage
No
Parking
Assigned
Parking Total
4
View
No
County
Los Angeles
Pool
No
Zoning
MOR2*
Buyer Agency Compensation
2.125%
Listing History
Date | Event | Price |
|---|---|---|
5/18/2023 | Sold | $1,370,000 |
Listing Contact: 818-212-2700
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 3/23/2024 at 1:28 AM UTC