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$7,600,000
Est. payment /mo
3 Beds
2 Baths
1.03 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID CV26030999
Bedrooms 3
Lot Size 1.030 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
We are proud to present Ridgewood Apartments, a pristinely maintained 32-unit asset located at 729 W Foothill Boulevard in Monrovia, California. Situated North of the 210 Freeway, this pride-of-ownership property benefits from a supply-constrained submarket, excellent schools, and consistent high occupancy levels. Monrovias growing population and the propertys historical stability make this is an ideal investment choice for steady rental income and long-term appreciation. The Ridgewood Apartments is a 32-unit property originally built in 1958, featuring a total building size of 20,160 SF situated on a 44,854 SF lot (1.03 Acres). The property features an excellent unit mix of one and two-bedroom units averaging 633 SF. Meticulously cared for, the asset features a communal laundry facility, mature lush landscaping with a courtyard, and ample carport and surface parking. Most units have been upgraded with vinyl plank flooring, stainless steel appliances, and wall AC/heating. This opportunity features favorable debt to assume at a 2.95% interest-only rate until November 2030. This rare financing allows a new investor to realize a 7.40% Cash-on-Cash return on current income, with the potential to reach a 10.03% return on pro forma income. The property currently operates at a 5.37% Cap Rate, with a clear path to a 6.80% Cap Rate at market rents. The city of Monrovia is ideally located within Southern California offering easy access to the 210, 605, 134, 10 and 5 freeways connecting to all of Los Angeles County, Ventura County, San Bernardino and beyond. Its location offers conven
Location
State CA
County Los Angeles
Zoning Assessor
Direction Merge onto I-10 W, use the right 3 lanes to take exit 42 to merge onto CA-57 N toward Interstate 210 Fwy, Use the right lane to
Interior
Cooling Wall/Window
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 8504019038
Acceptable Financing Cash
Listing Terms Cash
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Listed by Eric Chen • CB RICHARD ELLIS
Nearby School & Business
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