501 S Myrtle Ave Monrovia, CA 91016
- Retail space
- 8,851 SF
- 0.15 lot acres
Current Use by Public Records
- Parenting Black Children / Non-Profit Organization
- United Contracting Garage Door / Garage Door Supplier
- K&S Chimney Sweep / Chimney Sweep
- Bellisima Salon & Day Spa / Hair Salon / Beauty Salon
- Katherina's Hair Salon / Beauty Salon / Family Counselor
Property Details for 501 S Myrtle Ave
- Year built
- 1955
- Construction
- TILT-UP CONCRETE
- Lot size
- 0.15 lot acres
- Property size
- 8,851 SF
- Zone code
- MOCD*
- Property type
- Retail space
- APN
- 8516-023-085
- APU
- 8516023085
Description
This exceptional mixed-use property in Old Town Monrovia presents a rare investment opportunity. The two-story building, encompassing 17,691 square feet on a 0.15-acre lot at the signalized intersection of Myrtle and Lemon Avenues, offers a blend of retail and office spaces. The first floor features two retail spaces, while the second floor and usable basement provide executive office suites, many currently leased month-to-month at below-market rates, presenting significant upside potential for rental income. The building boasts modern upgrades including newer flooring and storefront improvements. Internal features include fire sprinklers, six common area restrooms, three private restrooms, two kitchens, and two janitor closets. The property's 39 tenants occupy 6,174 square feet on the first floor, 5,548 square feet on the second floor, and 5,969 square feet in the basement. Its strategic location in the heart of Old Town Monrovia, a thriving pedestrian-oriented shopping destination with numerous restaurants and retail establishments, benefits from high-density residential surroundings, including the nearby Colorado Commons. Proximity to the 210 and 605 freeways, the Monrovia Gold Line station (approximately one mile), Santa Anita Race Track, and Westfield Mall further enhances its appeal. Zoned HCD-Historic Commercial Downtown, this property offers an investor the chance to capitalize on current market conditions or an owner-user the chance to occupy prime office space.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $3,045,000
- ML approach
- $2,940,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,265,000
- 6.5%
- $3,015,000
- 7%
- $2,800,000
-
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $3,390,000 Current use
- AUTO REPAIR, GARAGE
- $4,095,000 Change: +21% Conversion: Difficult
- MEDICAL BUILDING
- $4,025,000 Change: +19% Conversion: Difficult
- OFFICE BUILDING
- $3,970,000 Change: +17% Conversion: Easy
- COMMERCIAL (GENERAL)
- $2,735,000 Change: -19% Conversion: Easy
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Location Insight
- Map
- Local Demand
- City
- Monrovia
- County
- Los Angeles
- State
- California
- Longitude
- -118.001
- Latitude
- 34.1468
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
