140 Melrose Ave Monrovia, CA 91016

Situated north of Foothill Boulevard at the base of the San Gabriel Mountains, this property sits among million dollar homes in a neighborhood where similar multifamily assets rarely come available for purchase. Under the same family ownership for nearly 15 years, the property has been substantially upgraded. Each of the bungalow-style units includes its own washer/dryer, while three of the four units also have new wood vinyl flooring, copper plumbing, upgraded electrical systems, and remodeled bathrooms. A new investor may be able to capitalize on these improvements as they strive to recapture the approximately 55% rent upside within the income. Future revenues can possibly experience an additional boost through the construction of an ADU in the rear of the property (Buyer to verify). The bungalows sit near the intersection of Foothill Boulevard and Myrtle Avenue, just blocks from Monrovia's primary shopping and entertainment district. Trader Joe's corporate headquarters, the second-largest employer in Monrovia, is only two miles from the property. The Shops at Santa Anita, USC Arcadia Hospital, and Santa Anita Park Racetrack are all just three miles southwest, within the city of Arcadia.