501 S Myrtle Ave Monrovia, CA 91016

Located in Old Town Monrovia, this two-story mixed-use building at 501 S Myrtle Avenue features retail and office spaces. The property includes 501-503 S. Myrtle Avenue and 50-100 W. Lemon Avenue. The building has a total area of 17,691 square feet, with 6,174 square feet on the first floor, 5,548 square feet on the second floor, and 5,969 square feet in the basement level. The basement is currently rented as executive offices and storage areas. The building is equipped with fire sprinklers, six common area restrooms, three private restrooms, two kitchens, and two janitor closets. It is zoned HCD- Historic Commercial Downtown. The property is situated at the signalized intersection of Myrtle and Lemon, surrounded by high-density residential areas. There are currently 39 tenants. The property has been recently upgraded with newer flooring and storefront. The location is near the Colorado Commons, which has seventy-two units and a parking structure with over 180 spaces available for public parking. The Santa Anita Race Track and Westfield Mall are located 3 miles from the property. The Monrovia Gold-line station is located about 1 mile south of this property. Both the 210 and 605 freeways are easily accessible via Myrtle Avenue. The area is a pedestrian-oriented shopping destination with retail, restaurants, office, and mixed-use properties. The first floor contains two retail spaces. Many of the office suites are leased month-to-month with below-market rents, presenting an opportunity for investors to increase rents to current market rates. It also offers an opportunity for an office owner/user to occupy first or second-floor office space.