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137 N Myrtle Ave
For Sale $5,975,000 ($414.79 per Sq Ft)
$5,975,000 ($414.79 per Sq Ft)
- 18 Units
- 14,405 Sq Ft
- 32,845 Sq Ft
- Unknown Cap Rate
Description
Spanning four separate buildings, 137 and 147 N Myrtle Avenue, along with 146 and 148 Stedman Place, the property covers three separate parcels totaling a large 32,485 square foot, block-to-block area of land. Because the City of Monrovia does not have its own restrictive local rent control, the property benefits from higher allowable rent increases under California's statewide AB 1482. This may help a new owner to recapture the approximately 26% in rent upside more rapidly, leading to a more dramatic increase in future cash flow. Monrovia is also not subject to the expensive Measure ULA taxes that burden nearby Los Angeles, allowing investors to keep substantially more profits from building ownership. The buildings feature an excellent unit mix with mostly two-bedroom apartments throughout. Most of these units have already been upgraded to include varying combinations of remodeled bathrooms, updated kitchen appliances, new wood flooring, and, in select units, upgraded electrical panels and in-unit washer/dryers. The location grants tenants the convenience and walkability of more urban neighborhoods, as confirmed by its "Walker's Paradise" designation with a Walk Score of 92, along with the calm and comfort of a more suburban town. This is due largely to the property's location near the sought-after Old Town Monrovia business district, which runs along Myrtle Avenue just one block south of the property.
Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $5,975,000 |
| Property Type | Multi-Family |
| Usable Sqft | 14,405 |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1958 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 8519023005 |
| MLS # | 25625357 |
| Property ID | 291674749 |
| Lot Sqft | 32,845 |
| Zoning | MORH* |
| Total Units | 18 |
| Days on Market | 18 |
| Original List Price | $5,975,000 |
| Date Updated | December 11, 2025 |
| Date Created | December 03, 2025 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 0 | 1.00 | $1,695 | $1,995 |
| Unit #2 | 2 | 2.00 | $2,353 | $35,940 |
| Unit #3 | 1 | 1.00 | $1,993 | $12,475 |
| Gross Income (Yr) | $ 467,159 |
| Operating Expenses | $ 161,509 |
| Net Income (Yr) | $ 305,650 |
| Cap Rate | 5.12% |
Listing Provided By
Roderick 'Rick' Raymundo an agent of . Lic #01357019
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Robert Crawford
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