Ridgewood Apartments — Sale in Monrovia, CA

  • Price: $7.6M
  • Listing type: For sale
  • Asset type: Business
  • Location: Monrovia, CA 91016

Description

Ridgewood Apartments | 32 Units in Monrovia | 2.95% Interest Only Loan | Over 7% Cash on Cash Return CBRE proudly presents 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. Monrovia’s growing population and the property’s historical stability make this 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 6.78% Cash-on-Cash return on current income, with the potential to reach a 9.58% return on pro forma income. The property currently operates at a 5.03% Cap Rate, with a clear path to a 6.55% 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 convenient access to neighboring cities within the San Gabriel Valley. Significant local landmarks within a 20-mile radius include: Santa Anita Park, Los Angeles County Arboretum, The Huntington Library, City of Hope Hospital, The Rose Bowl, Dodger Stadium, Crypto.com Arena, Griffith Observatory, Los

Market Context

This commercial property in Monrovia, CA is listed for sale at $7,600,000. It has been on the market for 114 days. Compare it against other commercial property listings for sale in Monrovia, CA — view the full market.

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