Monrovia Multifamily Investment
729 West Foothill Boulevard Monrovia, CA 91016
729 West Foothill Boulevard, Monrovia, CA, 91016
$7,600,000
For Sale
$7,600,000
Well-maintained 32-unit apartment complex in Monrovia, California.
Property Size20,160 SF
Lot Size1.03 Acres
Price / SF$376.98
Days on Market115
Property Features for 729 West Foothill Boulevard
General Information
- Standard status
- Active
- Size
- 20,160 SF
- Lot size
- 1.03 Acres
- Property subtype
- Multifamily
Listing Agency
CBRE - Ontario
(909) 418-2071
Listed by
Eric Chen · License #01489184
(909) 418-2071
Source
Cbre
Added: Mar 25 Checked: Jul 17 at 3:08 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Ontario
Investment Insights
Based on property information with market context.
Located north of the 210 Freeway in Monrovia, California, Ridgewood Apartments is a 32-unit multifamily property built in 1958. The building has a total size of approximately 20,160 square feet and is situated on a lot of approximately 44,854 square feet. The property features a unit mix of one and two-bedroom units, with an average unit size of approximately 633 square feet. The asset has been meticulously cared for and includes a communal laundry facility, mature landscaping with a courtyard, and ample carport and surface parking. Many units have been upgraded with vinyl plank flooring, stainless steel appliances, and wall AC/heating. The property is located in close proximity to Pasadena, Arcadia, the Metro Gold Line, LA County Arboretum, Santa Anita Park, and The Shops at Santa Anita. It also offers convenient access to the 210, 605, 134, and 10 freeways, connecting to San Bernardino, Orange, Ventura, and Los Angeles Counties. The property is near Wal-Mart, Costco, Home Depot, Ralph’s, Trader Joes and several popular restaurants and shopping centers. The location provides easy access to the San Gabriel Valley and its diverse economy, with manufacturing, retail, healthcare, and professional services. Significant local landmarks within a 20-mile radius include Santa Anita Park, Los Angeles County Arboretum, The Huntington Library, City of Hope Hospital, The Rose Bowl, Dodger Stadium, Crypto.com Arena, Griffith Observatory, Los Angeles Zoo, Hollywood Walk of Fame, and Universal Studios.
Key Highlights
- Favorable assumable debt at a 2.95% interest‑only rate until November 2030, offering immediate cash flow benefits.
- Attractive 7.40% Cash‑on‑Cash return on current income, with potential to reach 10.03% on pro forma income with loan assumption.
- Significant rental upside (16%) and operational improvement opportunities to increase Net Operating Income (NOI).
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $641.1k | $31.80 |
| − Vacancy | −$51.3k | −$2.54 |
| EGI | $589.8k | $29.26 |
| − OpEx | −$265.4k | −$13.17 |
| NOI | $324.4k | $16.09 |
20,160 SF · lease $31.80/SF/yr · vacancy 8.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.63M
$4.05M – $5.41M
NOI $324,391 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.79M
$9.44M – $12.59M
NOI $755,551 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Well-maintained 32-unit apartment complex in Monrovia, California.
Where is this apartment building located?
The property is located at 729 West Foothill Boulevard Monrovia, CA.
What is the asking price?
The asking price for this property is $7,600,000.
What are key features of this property?
This property features: Favorable assumable debt at a **2.95% interest‑only rate until November 2030**, offering immediate cash flow benefits.; Attractive **7.40% Cash‑on‑Cash return on current income**, with potential to reach 10.03% on pro forma income with loan assumption.; Significant rental upside (16%) and operational improvement opportunities to increase Net Operating Income (NOI).
