Realty Masters & Associates, Inc.
Carlos Cabrera, Realty Masters & Associates, Inc.Phone: (323) 855-9331
Email: [email protected]
Real estate listing preview #1
listing
1 of 1
CommercialSold
List Price $4,300,000
Sold Price $3,700,000
534 S Myrtle Avenue
Monrovia, CA 91016
Listed by Handoko Chen DRE#01749321 [email protected] Gig Real Estate Inc.
MLS: California Regional MLS (CRMLS)
Est. Mortgage
$22,296/mo

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.

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Information courtesy of Gig Real Estate Inc. is subject to verification and is not guaranteed.
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