Ridgewood Apartments | 729-733 W Foothill Blvd
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Ridgewood Apartments 729-733 W Foothill Blvd
32 Unit Apartment Building $11,377,908 CAD ($355,560 CAD/Unit) 4.80% Cap Rate Monrovia, CA 91016
Investment Highlights
- Desirable City of Monrovia North of the 210 Freeway Located on Foothill Boulevard
- ±20,160 SF Superbly Maintained Property Situated on ±44,854 SF Lot
- 6.18% Cash on Cash Return with Current Income, 8.89% Return with Pro Forma Income with Loan Assumption
- Historically High Occupancy
- Unit Mix Features One & Two-Bedroom Floor Plans | Average Unit Size of ±633 SF
- Operational & Rental Upside Opportunity - New Investor has the Opportunity to Significantly Improve Building Operations to Increase NOI
Executive Summary
CBRE proudly presents Ridgewood Apartments, a prime multifamily investment opportunity
located at 729 W Foothill Boulevard in Monrovia, California. Situated between N Sunset
Place and El Nido Avenue, this property benefits from the city’s strong job market, excellent
schools, and close proximity to the 210 Freeway and major attractions. Monrovia’s growing
population and increasing demand for housing make this an ideal investment choice, offering
potential for steady rental income and property value appreciation.
The Ridgewood Apartments are a 2-story, 32-unit property originally built in 1958. The
property has a total building size of ±20,160 square feet and sits on a large ±1.2 acre lot. The
property features an excellent unit mix of one-bed/one-bathroom and two-bedroom/onebathroom
units averaging 633 SF per unit.
Superbly maintained, the property features a communal on-site laundry facility, mature lush
landscaping with a courtyard with outdoor seating, carport and surface parking. Most units
have been upgraded and feature vinyl plank flooring and carpet throughout, kitchens with
stainless steel appliances, ceiling fans, vertical blinds, and wall air conditioning and heating.
The city of Monrovia is ideally located within Southern California offering easy access to the
210, 605, 134, 10 and 5 freeways connecting to all of Los Angeles County, Ventura County,
San Bernardino and beyond. Its location offers convenient access to neighboring cities within
the San Gabriel Valley. Significant local landmarks within a 20-mile radius include: Santa
Anita Park, Los Angeles County Arboretum, The Huntington Library, City of Hope Hospital,
The Rose Bowl, Dodger Stadium, Crypto.com Arena, Griffith Observatory, Los Angeles Zoo,
Hollywood Walk of Fame, Hollywood Bowl, Universal Studios and more.
The Ridgewood Apartments at 729 W Foothill Boulevard is a prime Monrovia income-producing
property that offers a compelling long-term investment opportunity. Its current 2.95% interest-only
debt provides an attractive financing structure, while the significant potential for rental upside—
an estimated 16% growth to achieve market rents—underscores its value. Located in a highly
desirable neighborhood, this property presents a stable investment opportunity for a diverse range
of investors, including first-time buyers, seasoned professionals, and those seeking 1031 exchange
benefits.
located at 729 W Foothill Boulevard in Monrovia, California. Situated between N Sunset
Place and El Nido Avenue, this property benefits from the city’s strong job market, excellent
schools, and close proximity to the 210 Freeway and major attractions. Monrovia’s growing
population and increasing demand for housing make this an ideal investment choice, offering
potential for steady rental income and property value appreciation.
The Ridgewood Apartments are a 2-story, 32-unit property originally built in 1958. The
property has a total building size of ±20,160 square feet and sits on a large ±1.2 acre lot. The
property features an excellent unit mix of one-bed/one-bathroom and two-bedroom/onebathroom
units averaging 633 SF per unit.
Superbly maintained, the property features a communal on-site laundry facility, mature lush
landscaping with a courtyard with outdoor seating, carport and surface parking. Most units
have been upgraded and feature vinyl plank flooring and carpet throughout, kitchens with
stainless steel appliances, ceiling fans, vertical blinds, and wall air conditioning and heating.
The city of Monrovia is ideally located within Southern California offering easy access to the
210, 605, 134, 10 and 5 freeways connecting to all of Los Angeles County, Ventura County,
San Bernardino and beyond. Its location offers convenient access to neighboring cities within
the San Gabriel Valley. Significant local landmarks within a 20-mile radius include: Santa
Anita Park, Los Angeles County Arboretum, The Huntington Library, City of Hope Hospital,
The Rose Bowl, Dodger Stadium, Crypto.com Arena, Griffith Observatory, Los Angeles Zoo,
Hollywood Walk of Fame, Hollywood Bowl, Universal Studios and more.
The Ridgewood Apartments at 729 W Foothill Boulevard is a prime Monrovia income-producing
property that offers a compelling long-term investment opportunity. Its current 2.95% interest-only
debt provides an attractive financing structure, while the significant potential for rental upside—
an estimated 16% growth to achieve market rents—underscores its value. Located in a highly
desirable neighborhood, this property presents a stable investment opportunity for a diverse range
of investors, including first-time buyers, seasoned professionals, and those seeking 1031 exchange
benefits.
Financial Summary (Actual - 2023) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$978,247
|
$48.52
|
| Other Income |
$10,454
|
$0.52
|
| Vacancy Loss |
$29,661
|
$1.47
|
| Effective Gross Income |
$959,040
|
$47.57
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$413,166
|
$20.49
|
| Net Operating Income |
$545,874
|
$27.08
|
Financial Summary (Actual - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $978,247 |
| Annual Per SF | $48.52 |
| Other Income (CAD) | |
|---|---|
| Annual | $10,454 |
| Annual Per SF | $0.52 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $29,661 |
| Annual Per SF | $1.47 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $959,040 |
| Annual Per SF | $47.57 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $413,166 |
| Annual Per SF | $20.49 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $545,874 |
| Annual Per SF | $27.08 |
Property Facts
| Price | $11,377,908 CAD | Apartment Style | Garden |
| Price Per Unit | $355,560 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.03 AC |
| Cap Rate | 4.80% | Building Size | 20,160 SF |
| Gross Rent Multiplier | 11.51 | No. Stories | 2 |
| No. Units | 32 | Year Built | 1958 |
| Property Type | Multifamily | Parking Ratio | 1.79/1,000 SF |
| Property Subtype | Apartment |
| Price | $11,377,908 CAD |
| Price Per Unit | $355,560 CAD |
| Sale Type | Investment |
| Cap Rate | 4.80% |
| Gross Rent Multiplier | 11.51 |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.03 AC |
| Building Size | 20,160 SF |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.79/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Disposal
- Range
- Deck
- Patio
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 25 | $2,368 CAD | 600 |
| 2+1 | 7 | $2,980 CAD | 750 |
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PROPERTY TAXES
| Parcel Number | 8504-019-038 | Improvements Assessment | $1,854,281 CAD (2024) |
| Land Assessment | $1,390,705 CAD (2024) | Total Assessment | $3,244,985 CAD (2024) |
PROPERTY TAXES
Parcel Number
8504-019-038
Land Assessment
$1,390,705 CAD (2024)
Improvements Assessment
$1,854,281 CAD (2024)
Total Assessment
$3,244,985 CAD (2024)
zoning
| Zoning Code | RH, Monrovia |
| RH, Monrovia |
-
Power Broker Eric Chen -
Justino Faaola -
CBRE, Inc.
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Ridgewood Apartments | 729-733 W Foothill Blvd
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