Ridgewood Apartments 729 West Foothill Boulevard
Monrovia, CA 91016
For Sale
20,160 sqft
Sale Price
$7,600,000
Brochure
Property Website
Map
Multifamily For Sale - Available September 2024
Ridgewood Apartments | 32 Units in Monrovia | 2.95% Interest Only Loan | Over 7% Cash on Cash Return
Superbly Maintained 32-Unit Asset Featuring Consistent High Occupancy Levels Located in the Desirable City of Monrovia North of the 210 Freeway on Foothill Boulevard
Favorable Debt to Assume | 2.95% Interest Only Payments until November 2030 Allows a New Investor to Cash Flow Over 6% Year-1
Attractive 6.78% Cash on Cash Return with Current Income, 9.58% Return with Pro Forma Income with Loan Assumption
Currently 5.03% Cap Rate on Current Income, 6.55% Cap Rate at Market Rents
±20,160 SF Pride of Ownership Asset Situated on ±44,854 SF Lot
Unit Mix Features One & Two-Bedroom Floor Plans | Average Unit Size of ±633 SF
Operational & Rental Upside Opportunity - New Investor has the Opportunity to Significantly Improve Building Operations to Increase NOI
Units Features Include Stainless Steel Appliances, Wall Air Conditioning and Heating, Wood Laminate Flooring Throughout, Carpet in Bedrooms, Upgraded Modern Bathrooms, Ceiling Fans, Vertical Blinds, Modern Kitchens with Stainless Steel Appliances
Well-Maintained Property with Amenities that Include: Mature Lush Landscaping, Laundry Facility, Surface & Carport Parking and Courtyard with Outdoor Seating
Prime Location Near Wal-Mart, Costco, Home Depot, Ralph’s, Trader Joes and Several Popular Restaurants and Shopping Centers Within a Short Drive
In Close Proximity to Pasadena, Arcadia, Metro Gold Line, LA County Arboretum, Santa Anita Park, The Shops at Santa Anita, and Much More
Convenient Access to the 210, 605, 134, and 10 freeways Connecting to all of San Bernardino, Orange, Ventura and Los Angeles Counties
Get in touch
Eric Chen
Lic: 01489184
Blake Torgerson
Lic: 01919955
Kevin Sin
Lic: 02020968
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 Angeles Zoo, Hollywood Walk of Fame, Hollywood Bowl, Universal Studios and more.
Ridgewood Apartments in the city of Monrovia is a premier income-producing asset with a compelling 16% rental upside, presenting a stable and lucrative opportunity for 1031 exchange buyers and seasoned investors alike.
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 Angeles Zoo, Hollywood Walk of Fame, Hollywood Bowl, Universal Studios and more.
Ridgewood Apartments in the city of Monrovia is a premier income-producing asset with a compelling 16% rental upside, presenting a stable and lucrative opportunity for 1031 exchange buyers and seasoned investors alike.
Monrovia is a charming city located in the San Gabriel Valley, a region in Los Angeles County, California. Nestled amidst rolling hills and lush greenery, Monrovia offers a serene and idyllic setting. The city is bordered by Pasadena to the west, Arcadia to the north, Duarte to the east, and Bradbury to the south. Its geographic location provides easy access to both the bustling metropolis of Los Angeles and the natural beauty of the San Gabriel Mountains.
The San Gabriel Valley itself is a diverse and vibrant region known for its historic towns, cultural attractions, and natural landscapes. It is home to a variety of industries, including manufacturing, retail, and technology. The valley’s proximity to the San Gabriel Mountains offers opportunities for hiking, camping, and other outdoor activities.
The San Gabriel Valley, a region in Los Angeles County, has a diverse and robust economy that is driven by a variety of sectors. Manufacturing, retail, and technology industries play significant roles in the valley’s economic landscape. In recent years, the region has also seen a growing emphasis on healthcare, education, and professional services. The valley’s proximity to major cities like Los Angeles and Pasadena provides access to a large and skilled workforce, making it an attractive location for businesses.
Monrovia, a city within the San Gabriel Valley, has a thriving local economy that is supported by a mix of small businesses and larger corporations. The city’s diverse business landscape includes manufacturing, retail, healthcare, and professional services. Monrovia’s location near major transportation corridors and its proximity to Pasadena, a major economic center in the region, provide residents with convenient access to employment opportunities.
Pasadena, the largest city in the San Gabriel Valley, is renowned for its vibrant economy and high quality of life. The city is home to a diverse range of industries, including aerospace, technology, healthcare, and education. Pasadena’s proximity to major universities and research institutions attracts a highly skilled workforce, contributing to its economic success. The city’s strong economic base provides residents with ample opportunities for employment and career advancement.
Monrovia offers a delightful blend of recreational and entertainment options, making it an attractive destination for both residents and visitors. The city’s close proximity to the Santa Anita Race Track, a renowned horse racing venue, provides exciting opportunities for sports enthusiasts. For those seeking a more tranquil experience, the Los Angeles Arboretum offers a serene botanical garden with diverse plant collections and beautiful walking trails. Additionally, The Shops at Santa Anita, a popular shopping center, features a variety of stores, restaurants, and entertainment options, ensuring there’s something for everyone to enjoy.
The San Gabriel Valley itself is a diverse and vibrant region known for its historic towns, cultural attractions, and natural landscapes. It is home to a variety of industries, including manufacturing, retail, and technology. The valley’s proximity to the San Gabriel Mountains offers opportunities for hiking, camping, and other outdoor activities.
The San Gabriel Valley, a region in Los Angeles County, has a diverse and robust economy that is driven by a variety of sectors. Manufacturing, retail, and technology industries play significant roles in the valley’s economic landscape. In recent years, the region has also seen a growing emphasis on healthcare, education, and professional services. The valley’s proximity to major cities like Los Angeles and Pasadena provides access to a large and skilled workforce, making it an attractive location for businesses.
Monrovia, a city within the San Gabriel Valley, has a thriving local economy that is supported by a mix of small businesses and larger corporations. The city’s diverse business landscape includes manufacturing, retail, healthcare, and professional services. Monrovia’s location near major transportation corridors and its proximity to Pasadena, a major economic center in the region, provide residents with convenient access to employment opportunities.
Pasadena, the largest city in the San Gabriel Valley, is renowned for its vibrant economy and high quality of life. The city is home to a diverse range of industries, including aerospace, technology, healthcare, and education. Pasadena’s proximity to major universities and research institutions attracts a highly skilled workforce, contributing to its economic success. The city’s strong economic base provides residents with ample opportunities for employment and career advancement.
Monrovia offers a delightful blend of recreational and entertainment options, making it an attractive destination for both residents and visitors. The city’s close proximity to the Santa Anita Race Track, a renowned horse racing venue, provides exciting opportunities for sports enthusiasts. For those seeking a more tranquil experience, the Los Angeles Arboretum offers a serene botanical garden with diverse plant collections and beautiful walking trails. Additionally, The Shops at Santa Anita, a popular shopping center, features a variety of stores, restaurants, and entertainment options, ensuring there’s something for everyone to enjoy.
Total Space Available
20,160 sqft
Sale Price
$7,600,000
Place
Santa Anita Park
Entertainment Park
3 miles
10 min.
The Shops at Santa Anita
Retail and Restaurants
3.5 miles
12 min.
LA Arboretum
Venue
2.7 miles
9 min.
Airport
Ontario International Airport
31 miles
33 min.
/drive
LAX
35.4 miles
40 min.
/drive
Transit/Subway
Metro Monrovia Gold Line Station
1.8 miles
4 min.
/drive
Get in touch
Eric Chen
Lic: 01489184
Blake Torgerson
Lic: 01919955
Kevin Sin
Lic: 02020968