Sold

534 S Myrtle Avenue

Monrovia CA, 91016

$3,700,000


$342.09 per sqft

Sold

10,816 sqft

Commercial

Built in 1958

Listed by Handoko Chen with GIG Real Estate Inc. 626-594-4901

534 S Myrtle Ave & 109 E Colorado Blvd, an iconic location and turn-key restaurant in Old Town Monrovia which is the pride and heart of the city. The property is a hard-corner lot property on a major corner of Colorado Blvd and Myrtle Ave, arguably one of the best corners in Old Town Pasadena. The building is surrounded by classic American architecture and blended with modern conveniences and historical buildings with new modern bars and grills sprinkled in. The Property is situated in the core of retail and restaurant row and thus has ample foot and vehicle traffic while providing a sophisticated environment with spectacular mountain views that you won't find anywhere else in Southern California.

The building is a 2-story classic building that was built in 1958 that has been meticulously restored to its glory. When the owners bought the property, they renovated the entire restaurant and added many new & high-end amenities include a brand-new bar, high end pizza oven and cutting-edge bakery equipment. The property is situated on a massive +-16309 SF lot zoned CD (buyer to verify) which provides 27-spaces (2-Handicap Spots) of ample parking which could be monetized. CD zoning allows a wide range of commercial and residential use which provides unique value-add opportunities for investor to convert the 2nd floor space into multiple retail/office/or residential units (buyer to verify).

The property is a unique two-story restaurant space. The ground floor is currently the Monrovian Restaurant which has been running continuously for over 30 years and can occupy 136 people. When the new owners purchased it, they spared no expense with the upgrades including the best of high-end kitchen equipment, pizza and bakery ovens which will be included with the purchase price. This provides the new owner the opportunity to expand the delivery business. The space has an open concept with great lighting and features a new bakery area and a classic bar space that was built to be a full-service bar. The ground floor has two bathrooms and an ample walk-in freezer. The overall feel of the place is very charming.

With a ride on a full-service elevator, you will arrive on top to the 2nd space upstairs which has a rich history as 2nd business and Banquet Hall that has had everything from Weddings, Corporate Events, Anniversaries and more.

AR22164465

MLS ID

July 26, 2022

Listed

March 23, 2024

Updated

Map

534 S Myrtle Avenue
Monrovia CA, 91016

Interior Features

Total Stories

2


Laundry Description

None


Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.37 Acres


Lot Features

Corner Lot, Flag Lot, Level, Near Public Transit, Sprinkler System, Street Level, Value In Land


Roof

Flat

Other Property Details

Area Name

639 - Monrovia


Taxes

$54,388


Tax Frequency

Annually


Days on Market

92


Garage

No


Parking Total

27


View

No


County

Los Angeles


Water Source

Public


Pool

No


Zoning

CD


Buyer Agency Compensation

2%

Listing Contact: 626-594-4901 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 3/23/2024 at 1:46 AM UTC

 

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