Address
244 W Walnut Avenue Monrovia, CA
Price
$ 1,470,000
Property Attributes
  • MLS#21785362
  • TypePending
  • CountyLOS ANGELES
  • CityMonrovia
  • AreaMonrovia
  • Zip91016
  • Style
  • Price$ 1,470,000
  • Bedrooms9
  • Full Bathrooms5
  • Half Bathrooms0
  • Sqr Footage2799
  • Lot Size8,045 SqFt
Listing Provided Courtesy Of:
Filip Niculete with Marcus & Millichap
Data Source:
Combined LA/Westside MLS (CLAW) - 318 - CA
Property Description

We are proud to present 244 W Walnut Avenue located in Monrovia, California. This 2,799 sqft 4-unit multifamily property, built in 1953, sits on over 8,000 sqft of land, and it boasts an excellent unit mix of (3) 2 Bed / 1 Bath units and (1) 3 Bed / 2 Bath unit. The property also has alleyway access at the behind the buildings where there are 4 garage parking spots for the tenants. This offering is an ideal value-add opportunity for an investor looking to capitalize on the more than 50% rental upside potential. Furthermore, an investor would be wise to consider converting the 4 garages in the back into additional units through the new ADUs laws passed in 2020 by the state of California. This property has been well maintained over the seller's 15+ year ownership. Most notably, the seller just replaced the roofs on this property early this year, and that comes with a 30-year warranty which will be transferred to the buyer. Additionally, the seller has remodeled the kitchens and bathrooms in two of the four units, and he has recently treated the property for termites. Lastly, due to the fact that this property has less than 5 units, an investor will be able to lock in a 30-year fixed rate residential loan at today's historically low interest rates, and will also be able to put down as little as 20% or 25% as their down payment.

Price History
9/18/2021 Listed $1,470,000

General Features

Listing Agent Filip Niculete - BRE#01905352
Listing Agent State License 01905352
Lot Size Square Feet 8045
MLS Area 639 - Monrovia
Property Type Residential Income
Senior Community Y/N No
Special Listing Conditions Standard
Status Pending
Total Units 4
Zoning MORH*

Exterior Features

Lot Size Acres 0.18
Lot Size Area 8045
Lot Size Units Square Feet
Number of Buildings 1
Parking Features Converted Garage

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Pending Average in 91016

Price
AVG $870K
$1.47M
Visits
AVG 56
3
Year Built
AVG 1968
1953
Walkscore
AVG 64
90
Data Provided by Walkscore ® not using MLS data

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