NOT LISTED FOR SALE

227 W Palm Ave Monrovia, CA 91016

Estimated Value: $1,358,000 - $2,110,000

8 Beds
6 Baths
2,948 Sq Ft
$619/Sq Ft Est. Value

Last Sold May 17, 2017

Last sale price $1,300,000 $441 Per Sq Ft

Est. 40% increase in value since last sale

Current estimated payment $11,559/month

14 Days on Market

Highlights

  • Property is near a park
  • Private Yard
  • 3-minute walk to Library Park
  • Monrovia High School Rated A

About This Home

As of May 2017

This income property is an incredible investment opportunity. Four individual Craftsman Bungalows that feature semi-private yard space and 1 car garages! With a close proximity to Metro Gold Line, freeways, restaurants, shopping and the charm of Downtown Monrovia and Myrtle Avenue, these homes are usually in demand and rarely vacant. Garage and 2 storage units provide an extra income potentiol for landlord. Laundry hook-ups located in each unit. Huge upside potential in rents and value. Property to be sold in "As-is" condition. At this time property is drive by only.

Last Agent to Sell the Property

Randy Abrams

Seven Gables Real Estate License #01270584 Listed on: 04/19/2017

Last Buyer's Agent

Michael Wang

Keller Williams Realty License #01931177

Keller Williams Realty

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $20,378

Year Built

  • Built in 1935

Lot Details

  • 10,354 Sq Ft Lot
  • No Common Walls
  • Private Yard

Parking

  • 4 Car Garage

Home Design

  • 2,948 Sq Ft Home

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 6 Bathrooms

Location

  • Property is near a park

Listing and Financial Details

  • Tax Lot 18
  • Assessor Parcel Number 8516002017

Community Details

Overview

  • 6 Buildings
  • 4 Units

Building Details

  • 4 Separate Electric Meters
  • 4 Separate Gas Meters
  • 1 Separate Water Meter
  • Gardener Expense $1,200
  • Insurance Expense $1,920
  • Trash Expense $960
  • Water Sewer Expense $1,560
  • New Taxes Expense $16,100
  • Operating Expense $21,732
  • Gross Income $74,760
  • Net Operating Income $53,028

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$20,378

Year Built

Built in 1935

Lot Details

0

Parking

4

Listing Details

  • Property Attached: No
  • Water Sewer Expenses: 1560.00
  • Zoning: MORH*
  • Property Type: Residential Income
  • Gardener Expense: 1200.00
  • Parcel Number: 8516002017
  • Year Built: 1935
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: No Common Walls
  • Price Per Square Foot: 440.98

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 4.00
  • Total Parking Spaces: 4.00

Utilities

  • Sewer: Public Sewer
  • Trash Expense: 960.00
  • Water Source: Public

Condo/Co-op/Association

  • Community Features: Curbs, Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Park Nearby, Yard
  • Lot Size Sq Ft: 10354.00

Multi Family

  • Gross Income: 74760.00
  • Gross Scheduled Income: 74760.00
  • Insurance Expense: 1920.00
  • Net Operating Income: 53028.00
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 4
  • Operating Expense: 21732.00
  • Rent Control: No
  • Total Expenses: 21732.00

Tax Info

  • New Taxes Expense: 16100.00
  • Tax Census Tract: 4310.01
  • Tax Lot: 18

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Apr 19, 2017
Closed on
May 5, 2017
Sold by
Ralphs Adam S and Ralphs Stacey
Bought by
Cnp J 1315 Llc
Seller's Agent
Randy Abrams
Seven Gables Real Estate
Buyer's Agent
Michael Wang
Keller Williams Realty
List Price
$1,288,000
Sold Price
$1,300,000
Premium/Discount to List
$12,000
0.93%
Current Estimated Value
$1,823,996

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$523,996
Avg. Annual Appreciation
4.30%

Purchase Details

Closed on
Dec 1, 2008
Sold by
Ralphs Adam S and Ralphs Stacey
Bought by
Ralphs Adam S and Ralphs Stacey

Purchase Details

Closed on
Jan 23, 2007
Sold by
Ohikhuare Linda
Bought by
Ralphs Adam S and Ralphs Stacey

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$731,250
Interest Rate
6.75%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Dec 8, 2003
Sold by
Ohikhuare Maxwell
Bought by
Ohikhuare Linda

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$448,000
Interest Rate
6.99%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Nov 12, 2003
Sold by
Espinosa Victor
Bought by
Ohikhuare Linda

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$448,000
Interest Rate
6.99%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Apr 11, 2003
Sold by
Orr Beatrice Anne
Bought by
Espinosa Victor

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$288,400
Interest Rate
5.71%
Mortgage Type
Purchase Money Mortgage
Source: Public Records

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Cnp J 1315 Llc $1,300,000 Lawyers Title Company
Ralphs Adam S -- None Available
Ralphs Adam S $975,000 Advantage Title Inc
Ohikhuare Linda -- California Title Company
Ohikhuare Linda $560,000 California Title Company
Espinosa Victor $412,000 Old Republic Title Company
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Ralphs Adam S $731,250
Previous Owner Ohikhuare Linda $600,000
Previous Owner Ohikhuare Linda $150,000
Previous Owner Ohikhuare Linda $450,000
Previous Owner Ohikhuare Linda $55,000
Previous Owner Ohikhuare Linda $448,000
Previous Owner Espinosa Victor $288,400
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
05/17/2017 05/17/17 Sold $1,300,000 +0.9% $441 / Sq Ft
05/03/2017 05/03/17 Pending -- -- --
04/19/2017 04/19/17 For Sale $1,288,000 -- $437 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $20,378 $1,508,756 $603,501 $905,255
2024 $20,378 $1,479,173 $591,668 $887,505
2023 $19,915 $1,450,170 $580,067 $870,103
2022 $19,340 $1,421,737 $568,694 $853,043
2021 $18,964 $1,393,861 $557,544 $836,317
2020 $18,388 $1,379,570 $551,828 $827,742
2019 $18,063 $1,352,520 $541,008 $811,512
2018 $17,671 $1,326,000 $530,400 $795,600
2016 $12,969 $950,000 $772,400 $177,600
2015 $12,100 $888,000 $722,000 $166,000
2014 $11,857 $860,000 $699,200 $160,800
Source: Public Records

Agents Affiliated with this Home

  • Randy Abrams

    Seller's Agent in 2017

    Randy Abrams

    Seven Gables Real Estate

    (626) 222-3954

    1 in this area

    22 Total Sales

    Randy Abrams
    Section Image
  • Michael Wang

    Buyer's Agent in 2017

    Michael Wang

    Keller Williams Realty

    (626) 833-2356

    6 Total Sales

    Michael Wang
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: AR17083784

California Regional Multiple Listing Service (CRMLS)

APN: 8516-002-017

California Los Angeles County Monrovia 91016

227 W Palm Ave, Monrovia, CA

This home is located at 227 W Palm Ave, Monrovia, CA 91016 since 19 April 2017 and is currently estimated at $1,823,996, approximately $618 per square foot. This property was built in 1935. 227 W Palm Ave is a home located in Los Angeles County with nearby schools including Monroe Elementary School, Santa Fe Computer Science Magnet, and Monrovia High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. 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

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