239 E Olive Avenue, Monrovia, California 91016, Monrovia, 91016 - bed, bath
ACTIVE$875,000
239 E Olive Avenue, Monrovia, California 91016
0Bed
0Bath
2,516Sqft
7,945Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Income-Generating Duplex: The property is a duplex with two separate homes, providing immediate rental income and diversification for an investor.
Top Cons:
Below Market Rents: Current long-term tenants are paying below market rent, which limits immediate cash flow and requires strategic management to realize full income potential.
Compared to the nearby listings
Price:$875.0K vs avg $933.5K ($-58,503)36%
Size:2,516 sqft vs avg 2,039.5 sqft79%
Price/sqft:$348 vs avg $5447%
More Insights
Built in 1920 (105 years old).
Condition: Built in 1920, this property is over 100 years old. While some areas feature newer laminate flooring, the overall condition, particularly the bathroom with its very outdated pink tiled shower and fixtures, and the likely original or very old kitchen (based on visible cabinets and flooring), indicates a need for substantial rehabilitation. The property analysis also notes 'outdated systems' and 'deferred maintenance' due to its age, suggesting significant capital expenditures will be required to bring it to modern standards.
Year Built
1920
Close
-
List price
$875K
Original List price
$875K
Price/Sqft
$348
HOA
-
Days on market
-
Sold On
-
MLS number
AR25259449
Home ConditionPoor
Features
Patio
View-
About this home
Rare opportunity to own a duplex in near the heart of Monrovia, two blocks away from vibrant Myrtle Ave. Two separate homes on one lot with no common walls. Both the front and rear units are rented to long-term tenants paying below market rent. The front unit is a two level home with driveway parking. The rear unit is a single-level, 3 bedroom, 2 bathroom home with a detached garage which is currently being used for storage. The front unit is accessed from E. Olive Ave, while the rear unit features an oversized detached, two-car, garage accessible from the rear. Each unit is separately metered for gas and electricity. With significant upside potential, this is a great development opportunity.
Price History
Date
Event
Price
09/07/06
Sold
$95,000
Condition Rating
Poor
Built in 1920, this property is over 100 years old. While some areas feature newer laminate flooring, the overall condition, particularly the bathroom with its very outdated pink tiled shower and fixtures, and the likely original or very old kitchen (based on visible cabinets and flooring), indicates a need for substantial rehabilitation. The property analysis also notes 'outdated systems' and 'deferred maintenance' due to its age, suggesting significant capital expenditures will be required to bring it to modern standards.
Pros & Cons
Pros
Income-Generating Duplex: The property is a duplex with two separate homes, providing immediate rental income and diversification for an investor.
Prime Location: Situated near the heart of Monrovia and just two blocks from vibrant Myrtle Ave, enhancing desirability, tenant demand, and potential for appreciation.
Significant Upside Potential: Explicitly noted as having 'significant upside potential' and a 'great development opportunity,' suggesting possibilities for rent increases, renovations, or expansion (e.g., ADU).
Separate Utilities: Each unit is separately metered for gas and electricity, simplifying tenant billing and reducing landlord overhead and management.
Independent Structures: Two separate homes on one lot with no common walls offer enhanced privacy and appeal for tenants compared to attached multi-unit properties.
Cons
Below Market Rents: Current long-term tenants are paying below market rent, which limits immediate cash flow and requires strategic management to realize full income potential.
Age of Property: Built in 1920, the property is over 100 years old, suggesting potential for deferred maintenance, outdated systems, and significant capital expenditures for necessary upgrades or renovations.
Tenant Management Challenges: Transitioning from below-market rents with long-term tenants can present legal and logistical challenges, potentially delaying the full realization of the property's income potential.