Four-Unit Flex
New
For Sale
Contact for pricing
231-237 W Chestnut Ave, Monrovia, CA 91016
Air-conditioned building with a kitchen, break area, and fiber optic internet connection.
Property Size9,720 SF
Price / SF$359.57
Days on Market5
Property Features for 231-237 W Chestnut Ave
General Information
Standard status
Active
Size
9,720 SF
Property subtype
INDUSTRIAL
Listing Agency:
CIBA Real Estate
(626) 255-1124
Listed By:
Filippo Fanara
(626) 255-1124
Source:
Moodyscre
Added: Aug 6
Changed: Aug 9
Last Checked: Aug 9 at 10:36AM
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 CIBA Real Estate
Investment Insights
Based on property information with market context.
Located at 231-237 W Chestnut Ave in Monrovia, California, this 9,720-square-foot flex building is configured as four units identified as 231, 233, 235, and 237. The property supports R&D, laboratory, and office functions within a fully air-conditioned building.
Interior features include a kitchen and break area, while fiber optic internet service is connected to the property. The four-unit layout provides a defined configuration for users seeking a flex-oriented building with office and technical workspace capabilities.
Interior features include a kitchen and break area, while fiber optic internet service is connected to the property. The four-unit layout provides a defined configuration for users seeking a flex-oriented building with office and technical workspace capabilities.
Key Highlights
- 9,720‑square‑foot flex building in Monrovia, CA
- Four units identified as 231, 233, 235, and 237
- R&D, laboratory, and office building configuration
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$212,471
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,249,420
$4.2M
Cap Rate 7%
$3,035,300
$3.0M
Cap Rate 9%
$2,360,789
$2.4M
Market Conditions
NOI Build-Up for 9,720 SF
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.
Gross rent
$373.2K $38.40/SF
− Vacancy
−$90.0K −$9.25/SF
EGI
$283.3K $29.15/SF
− OpEx
−$70.8K −$7.29/SF
NOI
$212.5K $21.86/SF
Area
Los Angeles County, CA
Vacancy
24.10%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,249,420
Cap Rate 7%
$3,035,300
Cap Rate 9%
$2,360,789
Alternative Uses
Best Use
Office B
$3.04M
$2.66M – $3.54M
NOI $212,471 @ 7.0% cap · market cap 6.08%
Second Best
Industrial
$1.62M
$1.42M – $1.89M
NOI $113,589 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$5.20M
$4.55M – $6.07M
NOI $364,284 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,213
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 91016, CA
41,852
Population
16,171
Households
2.6
Avg Household Size
41
Median Age
44%
College-Educated
90%
High-School Grad
8.5 sq mi
ZIP Area
4,924
Density / Sq Mi
$99,555
Median Household Income
$51,120
Median Earnings
$2,008
Median Rent
$874,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Air-conditioned building with a kitchen, break area, and fiber optic internet connection.
Where is this flex space located?
The property is located at 231-237 W Chestnut Ave Monrovia, CA.
What is the asking price?
The asking price for this property is $3,495,000.
What are key features of this property?
This property features: 9,720‑square‑foot flex building in Monrovia, CA; Four units identified as 231, 233, 235, and 237; R&D, laboratory, and office building configuration
