UPDATED:
12/05/2024 03:45 AM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID CV24211512
HOA Y/N No
Year Built 1958
Lot Size 1.030 Acres
Property Description
The Ridgewood Apartments are a 2-story, 32-unit property originally built in 1958. The property has a total building size of ±20,160 square feet and sits on a large ±1.2 acre lot. The property features an excellent unit mix of one-bed/one-bathroom and two-bedroom/one-bathroom units averaging 633 SF per unit.
Superbly maintained, the property features a communal on-site laundry facility, mature lush landscaping with a courtyard with outdoor seating, carport and surface parking. Most units have been upgraded and feature vinyl plank flooring and carpet throughout, kitchens with stainless steel appliances, ceiling fans, vertical blinds, and wall air conditioning and heating.
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.
The Ridgewood Apartments at 729 W Foothill Boulevard is a prime Monrovia income-producing property that offers a compelling long-term investment opportunity. Its current 2.95% interest-only debt provides an attractive financing structure, while the significant potential for rental upside— an estimated 16% growth to achieve market rents—underscores its value. Located in a highly desirable neighborhood, this property presents a stable investment opportunity for a diverse range of investors, including first-time buyers, seasoned professionals, and those seeking 1031 exchange benefits.
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 1624.0
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
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