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$ 1,350,000
Est. payment | /mo
6 Beds
3 Baths
2,522 SqFt
$ 1,350,000
Est. payment | /mo
6 Beds
3 Baths
2,522 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 2,522 sqft
Price per Sqft $535
MLS Listing ID 26843347
Bedrooms 6
HOA Y/N No
Year Built 1948
Lot Size 8,293 Sqft
Property Description
616 S 5th Avenue in Monrovia, CA. The property is a well-positioned three-unit multifamily asset in the heart of Monrovia, one of the San Gabriel Valley's most resilient and supply-constrained rental markets. Built in 1948, the property sits on a generous 8,294 square foot lot with 2,522 square feet of building area, offering a spacious, low-density configuration that is increasingly rare in today's market. The property is subject to AB-1482 however, it is not subject to any local rent control. The unit mix consists of two two-bedroom/one-bath apartments and one two-bedroom/one-bath standalone house, creating a diverse and appealing offering for a broad range of tenants. One unit will be delivered vacant by July 1, 2026.The property's physical footprint is one of its most compelling attributes. The front house benefits from both a front yard and a rear yard area, offering a level of private outdoor space rarely found in multifamily product of this size. The two rear units each enjoy their own private outdoor patio areas, providing tenants with a sense of privacy and separation that drives retention and supports premium rents. All three units are equipped with washer/dryer hookups, and on-site garages provide additional storage for tenants. Tenants are responsible for electricity and gas, keeping landlord utility exposure limited to water, trash, and gardening.A prospective buyer should note the significant value-add potential presented by the on-site garage structures. Subject to City of Monrovia approval and applicable building requirements, the existing garages may be eligible for conversion into Accessory Dwelling Units (ADUs) an increasingly viable strategy under California's expanded ADU legislation. A successful conversion could meaningfully increase the property's unit count and gross rental income without the need for ground-up construction, offering a compelling path to enhanced yield and long-term asset appreciation. Prospective purchasers are encouraged to conduct their own independent due diligence with the City of Monrovia Planning Department and a qualified contractor to evaluate feasibility, permitting requirements, and projected conversion costs.Situated in Monrovia's established residential core, the property benefits from convenient access to major employment corridors throughout the San Gabriel Valley and the greater Los Angeles basin. The 210 Freeway is moments away, connecting residents to Pasadena, the City of Hope National Medical Center in Duarte, the Azusa Pacific University corridor, and the broader employment hubs of the San Gabriel Valley and downtown Los Angeles. The Monrovia Gold Line Station further enhances connectivity, offering tenants a car-free commute option into Pasadena and beyond a feature that continues to strengthen rental demand in the immediate submarket.
Location
State CA
County Los Angeles
Area 639 - Monrovia
Zoning MORH*
Interior
Interior Features Ceiling Fan(s)
Heating Electric
Cooling None
Fireplace No
Appliance Refrigerator
Exterior
Parking Features Door-Single, Garage
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 8506025016
Special Listing Condition Standard
Listed by John Swartz Compass #01873487
Nearby Locations
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