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 28% 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.

Listing courtesy of Roderick 'Rick' Raymundo of Marcus & Millichap

Based on information from the The MLS as of 2026-10-21 02:49 PM UTC. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.