Listed by Handoko Chen, GIG Real Estate Inc.,

534 S Myrtle Avenue

Monrovia, CA, 91016

$4,300,000

$397 per ft²
$4,300,000
$397 per ft²
Active
Active
 - For Sale
carpenters-square
10,816 ft²
property_type
Commercial
calendar
Built 1958
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.
MLS® ID:
AR22164465
Listed:
7/25/22
Updated:
10/7/22

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Laundry Description
None
Cooling
Central Air
Heating
Central

Exterior/Building Features

Lot Size
0.37 acres lot
Lot Details
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
$54388
Tax Frequency
per YEAR
Garage
No
Parking
N
Parking Total
27.0
View
N
County
Los Angeles
Utilities
Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
Water Source
Public
Pool
No
Total Stories
2
Zoning
CD

 

Courtesy of GIG Real Estate Inc., Handoko Chen,
Listing Contact:  

Based on information from California Regional Multiple Listing Service, Inc. as of 10/7/22. 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, 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.

©2022 California Regional Multiple Listing Service. All rights reserved.

Data last updated 3:01 PM UTC, 10/7/22

Contact