814 S Mayflower Ave, Monrovia, CA 91016

Property Description

814 S Mayflower Ave in Monrovia. Situated in one of the San Gabriel Valley's most sought-after residential communities, 814 S Mayflower Avenue presents investors with a rare opportunity to acquire a well-maintained, three-unit income property in the heart of Monrovia, California. Built in 1956 and set on a 6,580 square foot lot, this classic single-story courtyard-style building totals 2,447 square feet and features three spacious 2-bedroom/1-bathroom units each thoughtfully laid out with comfortable living spaces, hardwood-style flooring, and individual garages that provide tenants private storage and washer/dryer hookups. The property is individually metered for electricity and gas, with tenants responsible for their own utility costs, while the owner covers water, trash, and gardening. Refrigerators are owner-supplied unless replaced by tenants, and the building presents in excellent condition throughout. The property is subject to AB 1482 however, it is not subject to local rent control, providing the incoming owner with meaningful flexibility to manage rents to market as tenancies turn. The incoming owner will have the ability to increase rents on all three units by 8.7% in August with a 30-day notice to the tenants, bringing the GRM to 16.7 with no capital investment, repositioning, or tenant turnover. The on-site garage structures may present an opportunity for Accessory Dwelling Unit (ADU) conversion, subject to City of Monrovia approval and applicable building requirements. Under California's significantly expanded ADU legislation, garage-to-ADU conversions have become an increasingly viable and cost-effective strategy for multifamily owners seeking to grow unit count and rental income without ground-up construction. A successful conversion could materially increase the property's gross income and overall value, transforming what is currently a functional tenant amenity into an additional revenue-generating asset. Prospective purchasers are encouraged to independently verify feasibility, permitting pathways, and projected costs with the City of Monrovia Planning Department and a licensed contractor prior to close of escrow.Monrovia's location within the Upper San Gabriel Valley positions residents within easy reach of the region's most prominent employment corridors. The property sits just minutes from the 210 Freeway and provides convenient access to major job centers including the City of Hope National Medical Center, a world-renowned cancer research and treatment institution employing thousands; the Arcadia and Pasadena medical corridors; and the broader tech, professional services, and logistics hubs concentrated along the 210/10 Freeway interchange. The Monrovia Gold Line Station part of the Metro L Line further enhances the property's commuter appeal, connecting residents directly to Pasadena, Downtown Los Angeles, and beyond without a car. Old Town Monrovia's thriving dining, retail, and entertainment district is just blocks away, reinforcing the neighborhood's strong live-work-play appeal.