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Multifamily

321 W Duarte Rd

321 W Duarte Rd, Monrovia, CA 91016

Listing Price: $2,175,000

Cap Rate
3.20%
Number of Units
6
Price/Unit
$362,500
Price/Gross SF
$527.78
Gross SF
4,121

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 321 West Duarte Road, a six-unit pride-of-ownership multifamily building in the city of Monrovia, a core market in the San Gabriel Valley. The property is located South of the 210 Freeway and near the major cross streets of West Duarte Road and South Myrtle Avenue. The property borders the affluent neighborhoods of Arcadia and San Marino. The asset offers strong curb appeal and is strategically located 0.4 miles from the Monrovia Gold Line Metro Station, is a short commute to shops and restaurants in Old Town Monrovia, and offers convenient access to the 210, 10, and 605 Freeways. Current ownership has meticulously maintained the property and rental levels such that the property is poised for positive cash-flow performance in the current State Rent-Controlled (AB 1482) environment while still leaving a new investor additional rental upside potential. The property was built in 1926/1958 and offers a strong unit mix. It is comprised of four separate buildings: one two story duplex with two one-bedroom/one-bathroom units (one of which offers a den), and four single-story two-bedroom/one-bathroom units (one of which offers a patio). The property offers eight surface/carport parking spots and five one car garages for a total of 13 parking spots. Select units offer direct access to garages. No soft-story retrofit is required, which saves a new investor thousands in capital expenditures. Each unit has ductless mini-split air conditioning units, is individually metered for gas and electricity, and has separate water heaters. The property also offers on-site laundry. The property sits on a large 13,577 square foot lot that may offer a new investor the potential to build accessory dwelling units (ADU’s). This is the Buyer’s responsibility to investigate. This is a rare opportunity for an investor to acquire a meticulously maintained, well-positioned asset in a highly sought Monrovia location that has historically outperformed dense, in-fill submarkets during the COVID-19 pandemic as rental trends push renters towards less dense suburban submarkets. The assets’ strong rents, solid location fundamentals, and additional value-add opportunities make the subject property an excellent candidate to thrive in a rebounding post pandemic environment.

Investment Highlights

  • Proximate to Affluent San Marino and Arcadia Neighborhoods. Walking Distance to Monrovia Metro Gold Line Station, Short Drive to Old Town Monrovia, and Convenient Access to 210, 10, and 605 Freeways
  • One Two-Story Duplex with Two One-Bedroom/One-Bathroom Units (One of Which Offers a Den), and Four Single-Story Two-Bedroom/One-Bathroom Units (One of Which Offers a Patio)
  • 13 Parking Spots: Eight Surface/Carport Parking Spots and Five One-Car Garages with Direct Access to Select Units - 2.16:1 Parking Ratio with No Soft-Story Retrofit Required
  • New Ownership Has An Opportunity to Add Additional Units Through the State's Favorable Accessory Dwelling Unit (ADU) Program - Allowing for Added Future Growth and Appreciation Potential
  • In Unit Washer & Dryer Hookup in 83% of the Units

Exclusively Listed By

Listing Price: $2,175,000

Cap Rate
3.20%
Number of Units
6
Price/Unit
$362,500
Price/Gross SF
$527.78
Gross SF
4,121

Investment Highlights

  • Proximate to Affluent San Marino and Arcadia Neighborhoods. Walking Distance to Monrovia Metro Gold Line Station, Short Drive to Old Town Monrovia, and Convenient Access to 210, 10, and 605 Freeways
  • One Two-Story Duplex with Two One-Bedroom/One-Bathroom Units (One of Which Offers a Den), and Four Single-Story Two-Bedroom/One-Bathroom Units (One of Which Offers a Patio)
  • 13 Parking Spots: Eight Surface/Carport Parking Spots and Five One-Car Garages with Direct Access to Select Units - 2.16:1 Parking Ratio with No Soft-Story Retrofit Required
  • New Ownership Has An Opportunity to Add Additional Units Through the State's Favorable Accessory Dwelling Unit (ADU) Program - Allowing for Added Future Growth and Appreciation Potential
  • In Unit Washer & Dryer Hookup in 83% of the Units

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 321 West Duarte Road, a six-unit pride-of-ownership multifamily building in the city of Monrovia, a core market in the San Gabriel Valley. The property is located South of the 210 Freeway and near the major cross streets of West Duarte Road and South Myrtle Avenue. The property borders the affluent neighborhoods of Arcadia and San Marino. The asset offers strong curb appeal and is strategically located 0.4 miles from the Monrovia Gold Line Metro Station, is a short commute to shops and restaurants in Old Town Monrovia, and offers convenient access to the 210, 10, and 605 Freeways. Current ownership has meticulously maintained the property and rental levels such that the property is poised for positive cash-flow performance in the current State Rent-Controlled (AB 1482) environment while still leaving a new investor additional rental upside potential. The property was built in 1926/1958 and offers a strong unit mix. It is comprised of four separate buildings: one two story duplex with two one-bedroom/one-bathroom units (one of which offers a den), and four single-story two-bedroom/one-bathroom units (one of which offers a patio). The property offers eight surface/carport parking spots and five one car garages for a total of 13 parking spots. Select units offer direct access to garages. No soft-story retrofit is required, which saves a new investor thousands in capital expenditures. Each unit has ductless mini-split air conditioning units, is individually metered for gas and electricity, and has separate water heaters. The property also offers on-site laundry. The property sits on a large 13,577 square foot lot that may offer a new investor the potential to build accessory dwelling units (ADU’s). This is the Buyer’s responsibility to investigate. This is a rare opportunity for an investor to acquire a meticulously maintained, well-positioned asset in a highly sought Monrovia location that has historically outperformed dense, in-fill submarkets during the COVID-19 pandemic as rental trends push renters towards less dense suburban submarkets. The assets’ strong rents, solid location fundamentals, and additional value-add opportunities make the subject property an excellent candidate to thrive in a rebounding post pandemic environment.

Exclusively Listed By

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