Sold
Closed
534 S Myrtle Avenue
Monrovia CA, 91016
$3,700,000
$342.09 per sqft
Sold
Closed
10,816 sqft
Commercial
Built in 1958
Listed by Handoko Chen with GIG Real Estate Inc. 626-594-4900
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
October 1, 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
Listing Contact: 626-594-4901
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 10/1/2024. 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.
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Data last updated on 10/1/2024 at 9:58 PM UTC