729 W Foothill Boulevard, Monrovia, CA 91016

Eric Chen

CA 01489184

Listed by CBRE - Ontario

$7,600,000

115 days on market

Updated 55 days ago

729 W Foothill Boulevard

Details

APN

8504019038

Property Type

Multifamily

Sub Type

Apartment Building

Square Footage

20,160

Units

Cap Rate

5.37%

NOI

$408,125

Pro-Forma Cap Rate

6.8%

Pro-Forma NOI

$516,633

Price per SqFt

$377

Year Built

1958

Buildings

Stories

Acreage

1.030

Zoning

Assessor

Just Listed: Ridgewood Apartments | 32 Units in Monrovia | 2.95% Interest Only Loan

Marketing 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

Investment highlights

Superbly Maintained 32-Unit Asset Featuring Consistent High Occupancy Levels Located in the Desirable City of Monrovia North of the 210 Freeway on Foothill Boulevard
Favorable Debt to Assume | 2.95% Interest Only Payments until November 2030 Allows a New Investor to Cash Flow Over 6% Year-1
Attractive 7.40% Cash on Cash Return with Current Income, 10.03% Return with Pro Forma Income with Loan Assumption
Currently 5.37% Cap Rate on Current Income, 6.80% Cap Rate at Market Rents
±20,160 SF Pride of Ownership Asset Situated on ±44,854 SF Lot
Unit Mix Features One & Two-Bedroom Floor Plans | Average Unit Size of ±633 SF
Operational & Rental Upside Opportunity - New Investor has the Opportunity to Significantly Improve Building Operations to Increase NOI
Units Features Include Stainless Steel Appliances, Wall Air Conditioning and Heating, Wood Laminate Flooring Throughout, Carpet in Bedrooms, Upgraded Modern Bathrooms, Ceiling Fans, Vertical Blinds, Modern Kitchens with Stainless Steel Appliances
Well-Maintained Property with Amenities that Include: Mature Lush Landscaping, Laundry Facility, Surface & Carport Parking and Courtyard with Outdoor Seating
Prime Location Near Wal-Mart, Costco, Home Depot, Ralph’s, Trader Joes and Several Popular Restaurants and Shopping Centers Within a Short Drive
In Close Proximity to Pasadena, Arcadia, Metro Gold Line, LA County Arboretum, Santa Anita Park, The Shops at Santa Anita, and Much More
Convenient Access to the 210, 605, 134, and 10 freeways Connecting to all of San Bernardino, Orange, Ventura and Los Angeles Counties