UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID CV26030999
HOA Y/N No
Year Built 1958
Lot Size 1.030 Acres
Property Sub-Type Apartment
Property Description
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 7.40% Cash-on-Cash return on current income, with the potential to reach a 10.03% return on pro forma income. The property currently operates at a 5.37% Cap Rate, with a clear path to a 6.80% 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.
Location
State CA
County Los Angeles
Area 639 - Monrovia
Zoning MORH*
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Common Area
Exterior
Carport Spaces 29
Pool None
Community Features Curbs, Sidewalks
Total Parking Spaces 36
Private Pool No
Building
Lot Description 31-35 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 8504019038
Energy Description 854.0
Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan
Listing Terms Cash, Cash to Existing Loan, Cash to New Loan
Special Listing Condition Standard
NEARBY SCHOOL & BUSINESS
GET MORE INFORMATION