INVESTMENT HIGHLIGHTS
- First Time ever offered for Sale Since 1988 (36 years – Seller is retiring).
- One of the best locations in Monrovia bordering the City of Arcadia, minutes from Old Town Monrovia, and adjacent to new townhomes development and surrounded by many SFR and townhouses.
- Excellent value-add deals with low price per unit and Proforma CAP Rate ±7.5%!
- Possibility to add Additional Dwelling Units (ADUs) - Buyer to verify.
- Superb Demographics with over $121,527 average HH income within 1-mile radius; nearby Metro Gold Line Station
- Close to many amenities Monrovia and Arcadia have to offer: Old Town Monrovia, Arcadia Downtown, Santa Anita Mall, Santa Anita Park, USC Arcadia Hospital, City of Hope, Walmart & Home Depot Shopping centers, Arcadia High School, groceries, library, and much more.
- High barriers to entry market with very limited inventory for apartment investment
- Nearby many new developments (townhomes, condominiums, and multimillion dollars single family residential)
PROPERTY HIGHLIGHTS
- Asset with excellent bones, built in 1973 with large total building area situated on large lot size.
- Excellent unit mix with ±80% are 2 bedrooms; Large units (avg size ±900SF)
- NO LOCAL RENT CONTROL; Highest Allowable rent increases in California (AB1482)
- Central HVAC for each unit (except Studio unit), and separately metered for electricity (all electric units)
- Large lot size with ample parking (±20 parking spaces)
- ±10 units have private backyards.
- Newer electrical panels, most of HVAC compressors have been updated.
- High possibilities to add ADU in the back (buyer to verify), NO parking soft story retrofit is required in Monrovia.
EXECUTIVE SUMMARY
Growth Investment Group California is proud to offer CASA DE MONARC - 725 W Duarte Rd, a 17-unit (16 + 1 non-conforming) apartment in the City of Monrovia, California. This is the first time this property has been offered for sale since 1988. Located on Duarte Rd right at the border of City of Arcadia, minutes away from Old Town Monrovia, and adjacent to recently completed new townhomes development, this 1973’s-built apartment presents a rare opportunity for investors to acquire an excellent asset with good bones in an excellent location in West San Gabriel Valley submarket. Priced competitively and without any local rent control ordinance, this value-add opportunity is a rare find for value-add investors who are looking to add value through asset repositioning.
CASA DE MONARC was built in 1973, has a total of 15,280 SF building size and sits on a large ±21,750SF lot. It is strategically located only 2 blocks from the City of Arcadia and minutes away from Old Town Monrovia and Santa Anita Mall Arcadia, offering immense amenities both City of Monrovia and Arcadia have to offer. It offers a superb demographics of ±$121,527 average household income within a mile radius and adjacent to a recently completed high-end townhomes development.
It offers an excellent unit mix of eleven (11) x 2bed+1.5bath Townhouse Style, two (2) x 2bed+1bath, three (3) x 1bed+1bath, and one (1) x Studio non-conforming units. The units are all electric (no gas) and each unit is individually metered for electricity. Each unit (except the Studio NC unit) has a central HVAC (most have been updated) and has a large and spacious layout (average unit size ±898SF/unit – buyer to verify). Most of the units have a private backyard or balcony. Some units have updated windows. Most of the units have not been upgraded and present an excellent Value-add opportunity.
Parking is provided by a total of 21 parking spaces with 8 carports (back), 4 open spaces (back), 6 tuck-under (back), and 3 carports (front) parking. There is no soft-story requirement in Monrovia. Each unit is individually metered for electricity (no gas). The building is serviced by a master water heater and shared laundry room (laundry lease).
LOCATION AMENITIES AND ACCESS
It is minutes away from Old Town Monrovia, Walmart + Target supercenters, and Arcadia Santa Anita Mall and Santa Anita Park. USC Arcadia Hospital is minutes away on Huntington Drive. The property also offers excellent access to three major freeways in the area (FWY 10, FWY 210, and FWY 605) providing superb access to other parts of the Greater Los Angeles area.
Monrovia is a city in the foothills of the San Gabriel Mountains in the San Gabriel Valley of Los Angeles County, California, United States. Monrovia has been used for filming TV shows, movies and commercials. Located 20 miles northeast of Los Angeles at the base of the San Gabriel Mountains, Monrovia is part of the San Gabriel Valley, just eight miles east of the City of Pasadena in Los Angeles County. Monrovia was recognized as an All-America City by the National Civic League and most recently, was an All-America City Finalist in 2023! Old Town Monrovia is the San Gabriel Valley’s Reader’s Choice Award for Favorite City/Downtown! Monrovia is ideally positioned to continue its trend for controlled growth. The city’s vibrant economy fosters enhanced job creation while a commitment to revitalization and development ensures that Monrovia maintains its attractive neighborhoods. Visitors are encouraged to experience all that Monrovia has to offer: a welcoming community, the brilliant California backdrop and the promise for a prosperous future.
Old Town Monrovia is considered by the community to be the heart of the City. Here the community embraces the historic past, while still enjoying an exciting and vibrant future. This unique downtown environment blends charm and classic American themes with modern day conveniences. Historic buildings fill Old Town’s streets, where you can find an array of boutique shops selling everything from baseball cards to vintage concert t-shirts, and beautiful home furnishings, a diverse selection of restaurant and cafes, entertainment, and luxury living. Residents and visitors alike head to Old Town regularly for its inviting atmosphere and signature community events. Old Town offers a sophisticated environment with spectacular mountain views you won’t find anywhere else.