244 E Lime, Monrovia, California 91016, Monrovia, 91016 - bed, bath
ACTIVE$999,900
244 E Lime, Monrovia, California 91016
0Bed
0Bath
1,480Sqft
7,921Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Dual Income Opportunity: Rare opportunity to own two separate homes on one lot, providing immediate rental income potential or owner-occupancy with supplemental income.
Top Cons:
Rear Unit Condition & Title Discrepancy: The rear house 'needs TLC' and has a potential discrepancy in bedroom count (title shows 1 bed, description states 2 beds), requiring investment and buyer verification.
Compared to the nearby listings
Price:$999.9K vs avg $968.5K (+$31,450)50%
Size:1,480 sqft vs avg 1,890 sqft14%
Price/sqft:$676 vs avg $57793%
More Insights
Built in 1934 (91 years old).
Condition: Built in 1934, this property consists of two units with varying conditions. While the front Craftsman house is described as 'upgraded' and appears functional with dated but clean features (e.g., pedestal sink in bathroom, wall heater), the rear house explicitly 'needs TLC.' The images confirm this, showing a very outdated kitchen in the rear unit with old wood cabinets, tiled countertops, and extremely aged appliances. The rear bathroom is also dated. The overall property requires substantial repairs and rehabilitation, particularly for the rear unit, which significantly impacts the property's condition.
Year Built
1934
Close
-
List price
$1,000K
Original List price
$1,000K
Price/Sqft
$676
HOA
-
Days on market
-
Sold On
-
MLS number
AR25255082
Home ConditionPoor
Features
View-
About this home
Rare opportunity to own two separate homes on one lot in the heart of vibrant Old Town Monrovia! Just steps from charming Myrtle Avenue’s shops, restaurants, farmers market, and entertainment. Cute craftman front house 2 bedrooms + den, 1 bath, upgraded; rear house 2 bedrooms, 1 bath (title shows 1 bedroom 1 bath), needs TLC. Each unit has their own laundry room, own yard & own external storage unit. Parking with alley access. Zoned RM3500, perfect for redevelopment or ADU addition (buyer to verify). Long-term tenants, well below market rent, huge upside rent potential. Perfect for investor or owner-user. Best value in town!
Price History
Date
Event
Price
08/15/01
Sold
$265,500
07/12/18
Sold
$737,000
Condition Rating
Poor
Built in 1934, this property consists of two units with varying conditions. While the front Craftsman house is described as 'upgraded' and appears functional with dated but clean features (e.g., pedestal sink in bathroom, wall heater), the rear house explicitly 'needs TLC.' The images confirm this, showing a very outdated kitchen in the rear unit with old wood cabinets, tiled countertops, and extremely aged appliances. The rear bathroom is also dated. The overall property requires substantial repairs and rehabilitation, particularly for the rear unit, which significantly impacts the property's condition.
Pros & Cons
Pros
Dual Income Opportunity: Rare opportunity to own two separate homes on one lot, providing immediate rental income potential or owner-occupancy with supplemental income.
Prime Old Town Location: Situated in the heart of vibrant Old Town Monrovia, just steps from charming Myrtle Avenue’s shops, restaurants, farmers market, and entertainment, offering high walkability.
Significant Rental Upside Potential: Current long-term tenants are paying well below market rent, presenting a substantial opportunity for an investor to increase rental income and property value.
Development & ADU Potential: Zoned RM3500, which is perfect for redevelopment or the addition of an Accessory Dwelling Unit (ADU), enhancing long-term value and flexibility.
Individual Unit Amenities & Upgraded Front House: Each unit benefits from its own laundry room, private yard, and external storage unit, with the front Craftsman house already upgraded, appealing to tenants.
Cons
Rear Unit Condition & Title Discrepancy: The rear house 'needs TLC' and has a potential discrepancy in bedroom count (title shows 1 bed, description states 2 beds), requiring investment and buyer verification.
Age of Property: Built in 1934, the property may have older systems and components that could lead to higher maintenance costs or require future capital expenditures for upgrades.
Immediate Low Cash Flow: While offering future upside, the current below-market rents mean the property's immediate cash flow yield may be lower, requiring active management to realize its full income potential.