Exclusive Listings

Retail/Commercial in best corner of Old Town Monrovia, Value-Add, Priced to Sell

Address:
534 S Myrtle Ave
Monrovia, CA 91016
Price:
$4,300,000
Status:
Available
Type:
Retail
# Units:
1
Year Built:
1958
Building Size:
10,816 SF
Lot Size:
16,309 SF
CAP Rate:
5.65%
GRM:
12.95x
Price/Unit:
Price/SqFt:
$398

INVESTMENT HIGHLIGHTS

  • Turnkey Restaurant or Value-Add Retail In the heart of Old Town Monrovia on Myrtle Ave & Colorado Blvd!
  • Hard corner lot on Colorado Blvd & Myrtle Ave; Arguably one of the best corners lots of property in Old Town Monrovia, Prime Location!
  • Excellent demographics with an average household income of ±$115,998 within a-mile radius
  • Large lot size including parking lot parcel (most commercial properties in Old Town Monrovia uses city’s parking lot)
  • Excellent value offering! Full service well-known Dine-in restaurant with functioning high-end restaurant equipment are included in the sale
  • Priced TO SELL, Very LOW price/SQFT for the real estate + equipment + liquor license
  • CD zoning which allows wide range of use (retail, office, and residential)
  • VALUE ADD: Flexibility of use on 2nd Floor unit; Some ideas: splitting 2nd floor into multiple retail, offices, or residential to generate much higher income (buyer to verify)
  • Unique Two-Story Restaurant/Bar with great views in Old Town Monrovia.
  • Newly installed full-service bar and top of line equipment including state of the art Pizza & Bakery Ovens that will be included in the purchase price, saving the buyer hundreds of thousands of dollars!
  • Owner has spent significant amounts of capital expenditures to rehab and equip the property (estimated ±$700,000 - buyer to verify)
  • Extremely strong market for retail and dining; Old Town Monrovia has some of the busiest retail business in San Gabriel Valley (aside from Old Town Pasadena – buyer to verify)
  • Excellent access to FWY 210 & 605
  • Walk Score 78 (very walkable) location; Walking distance to Metro Gold Line Station, Park, and some of the best amenities City of Monrovia has to offer

BUSINESS HIGHLIGHTS (BUSINESS INCLUDED IN THE SALE):

  • Full Liquor License 47 & Cabaret License Included
  • Restaurant has been nominated as the best hamburger, bakery, and breakfast in the San Gabriel Valley both online and by local newspapers (HeySoCal). 
  • Great Turnkey business that has been popular in the area for more than 30 years and will be included in purchase price.
  • 2nd floor has a rich history of Banquet Hall events such as Weddings, Bar Mitzvahs, Anniversaries and more.
  • Ownership has been approached by businesses to lease the upper level for a Ghost Kitchen/Pop-Up Bars.
  • Business upside potential in 2nd Story Standalone Bar.

Business Equipment & Licenses included:

  • State of the Art newly installed Brick Pizza Oven
  • High -End Expresso Machine
  • New Soft-Serve Machine
  • New Display Cold Case for Bakery/Café area
  • Newly installed bar with Beer Dispensers
  • 2 Walk-In Freezers
  • Ice-Machines with Bins
  • Convection Oven & Steamer for Bakery
  • Kitchen Fryers
  • Full Liquor License 47
  • And many more!!!

 (Full List of equipment & licenses from ownership to be disclosed in the Due Diligence Period)

PROPERTY HIGHLIGHTS

  • Extremely well-located hard corner asset in one of the best locations in Old Town Monrovia
  • Very well-maintained property with an excellent curb-appeal
  • Large total lot size of ±16,309SF with CPD zoning (buyer to verify)
  • Parking lot behind the property is included with the sale! Total 27 parking spaces (2-Handicap), Extremely rare offering in Downtown Monrovia.
  • Many upgrades and capital improvements have been completed
  • Central AC System, Security System in place (Alarm and Sec Cameras), New copper plumbing, New Electrical Sub-Panels, and sewage (Buyer to verify)
  • Restaurant has designated dumpster area. Most restaurants in the vicinity must share.
  • Unique 2nd Story Restaurant in Old Town Monrovia as it has its own kitchen, bar, office, restrooms, and banquet hall equipment.
  • Restaurant equipment are included in the sale: professional industrial pizza oven, full bar with service stations, 2 walk-in freezers, dishwashing station, salad bar station, bakery & coffee station, and much more!
  • Wide Open Space floor plan providing a great design with distinct space for both the Bakery and the Bar area.
  • Fully remodeled lower level with over $700K in capital improvements, great turnkey opportunity!
  • 10,500 SQFT Building providing a total occupancy of 286 people.
  • Handicap access for parking and elevator access.

 

EXECUTIVE SUMMARY

The Growth Investment Group is proud to present 534 S Myrtle Ave & 109 E Colorado Blvd, an iconic location and turn-key restaurant in Old Town Monrovia which is the pride and heart of the city.  The property is a hard-corner lot property on a major corner of Colorado Blvd and Myrtle Ave, arguably one of the best corners in Old Town Pasadena. The building is surrounded by classic American architecture and blended with modern conveniences and historical buildings with new modern bars and grills sprinkled in. The Property is situated in the core of retail and restaurant row and thus has ample foot and vehicle traffic while providing a sophisticated environment with spectacular mountain views that you won’t find anywhere else in Southern California.

The building is a 2-story classic building that was built in 1958 that has been meticulously restored to its glory.  When the owners bought the property, they renovated the entire restaurant and added many new & high-end amenities include a brand-new bar, high end pizza oven and cutting-edge bakery equipment. The property is situated on a massive ±16309 SF lot zoned CD (buyer to verify) which provides 27-spaces (2-Handicap Spots) of ample parking which could be monetized. CD zoning allows a wide range of commercial and residential use which provides unique value-add opportunities for investor to convert the 2nd floor space into multiple retail/office/or residential units (buyer to verify).

The property is a unique two-story restaurant space.  The ground floor is currently the Monrovian Restaurant which has been running continuously for over 30 years and can occupy 136 people.  When the new owners purchased it, they spared no expense with the upgrades including the best of high-end kitchen equipment, pizza and bakery ovens which will be included with the purchase price. This provides the new owner the opportunity to expand the delivery business.   The space has an open concept with great lighting and features a new bakery area and a classic bar space that was built to be a full-service bar.  The ground floor has two bathrooms and an ample walk-in freezer. The overall feel of the place is very charming.

With a ride on a full-service elevator, you will arrive on top to the 2nd space upstairs which has a rich history as 2nd business and Banquet Hall that has had everything from Weddings, Corporate Events, Anniversaries and more. The 2nd floor has its own kitchen, walk-in freezer, employee office, two storage rooms, 3 bathrooms (one designated for employees with lockers), full bar set-up with service stations & storage room. The 2nd kitchen could be utilized for Ghost Kitchen/Pop-Up bars as it can occupy 150 people or sublet for delivery services as it is also a market trend for fresh kitchen delivery services requiring more space. The current owner has already been approached by neighboring businesses to lease the kitchen & bar.

LOCATION AMENITIES AND ACCESS

The property is strategically located in Old Town Monrovia considered to be one of the best locations in Monrovia, California. This area is adjacent to affluent cities, Arcadia, San Marino, and Pasadena.   The property is walking distance to the Monrovia Gold line and is surrounded by old towns restaurant and cafe row, upscale bars and boutique shops while including national retailers. The new owners can enjoy its proximity to FWY 210 and the Monrovia Gold Line.

Monrovia is a city located in the foothills of the San Gabriel Mountains in the San Gabriel Valley of Los Angeles County, California, United States. The areas topography offers sweeping mountain views that is unique and stunningly beautiful.  The population was 36,590 at the 2010 census. The population is expected to grow and draw professionals as the city of Monrovia is pro expansion and approved a

new transit-oriented development taking place near Monrovia’s Gold Line Station. The Monrovia Station has nearly 1.5 million riders per month and as a result, the city has encouraged the development of over 1,000 luxury high-end apartment units within a 2-block radius of the station which is a short walk to the subject property.  The city has also contributed over $25 million in public improvements centered on these developments.

Old Hollywood studios have been using the mountains of Monrovia and the charming Old Town shopping district for filming TV shows, movies, and commercials for decades.  Which captures a community that celebrates its historic past while forging a bright future where many big corporate companies are based such as Trader Joe’s, Original Tommy’s, Naked Juice & many more. Old town Monrovia specifically carries on many weekly & yearly traditions where its residents gather such as the Weekly Friday Night Family Street Fair, Yearly Christmas Holiday Parade & 4th of July Celebrations.




Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

Marc Schwartz
Direct: 213.362.8500
marc.schwartz@growthinvestmentgroup.com

Abel Benitez
Direct: 626.898.9740
abel@growthinvestmentgroup.com

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
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