501 S Myrtle Ave Monrovia, CA 91016

This two-story mixed-use building is located in Old Town Monrovia and includes 501-503 S. Myrtle Avenue and 50-100 W. Lemon Avenue. The building features retail and offices on the first floor, executive offices on the second story, and a usable basement level currently rented as executive offices and storage areas. The first floor includes two retail spaces. The 17,691 square foot building has 6,174 square feet on the first floor, 5,548 square feet on the second floor, and 5,969 square feet in the basement. The property is zoned HCD- Historic Commercial Downtown and is situated on the signalized intersection of Myrtle and Lemon. The building includes fire sprinklers, six common area restrooms, three private restrooms, two kitchens, and two janitor closets. The property was recently upgraded with newer flooring and storefront. The location is a heavily pedestrian-oriented shopping destination with retail, restaurants, office, and mixed-use properties. High-density residential surrounds the property, including The Colorado Commons with 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, and the Monrovia Gold-line station is about 1 mile south. Both the 210 and 605 freeways are in close vicinity with access via Myrtle Avenue. There are currently 39 tenants. Many of the office suites are leased month-to-month with below-market rents, presenting an opportunity for an investor to realize an upside in current market rents or for an office owner/user to occupy first or second-floor office space.