Monrovia Multifamily Investment
For Sale
$7,600,000
729 West Foothill Boulevard, Monrovia, CA 91016
Well-maintained 32-unit apartment complex in Monrovia, California.
Property Size20,160 SF
Lot Size1.03 Acres
Price / SF$376.98
Days on Market197
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:
CB RICHARD ELLIS
Listed By:
Eric Chen · License #01489184
(909) 418-2071
Source:
Cbre
Added: Mar 25
Changed: Sep 24
Last Checked: Oct 5 at 4:32PM
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 CB RICHARD ELLIS
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).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$324,391
Cap Rate
4.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,487,820
$6.5M
Cap Rate 7%
$4,634,157
$4.6M
Cap Rate 9%
$3,604,344
$3.6M
Market Conditions
NOI Build-Up for 20,160 SF
Gross rent
$641.1K $31.80/SF
− Vacancy
−$51.3K −$2.54/SF
EGI
$589.8K $29.26/SF
− OpEx
−$265.4K −$13.17/SF
NOI
$324.4K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,487,820
Cap Rate 7%
$4,634,157
Cap Rate 9%
$3,604,344
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 authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
773
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
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).
