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Listed by Matthew Modica • Long Dragon Realty Group, Inc.
$3,980,000
Est. payment /mo
864,776 SqFt
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Unimproved Land
Listing Status Active
Purchase Type For Sale
Square Footage 864,776 sqft
Price per Sqft $4
MLS Listing ID CRAR25241292
HOA Y/N No
Lot Size 19.853 Acres
Property Sub-Type Unimproved Land
Source Datashare California Regional
Property Description
This prime Monrovia foothill offering presents a rare opportunity to acquire both a quality income-producing property and a high-potential development site in one. Currently generating steady rental income with a ~3% CAP rate, the property offers substantial room for improvement and future upside. It's ideal for investors who wish to maintain income while advancing subdivision or redevelopment plans, minimizing carrying costs during the entitlement process. The portfolio comprises two contiguous parcels: 537 Cloverleaf Dr. (APN: 8503-001-029) - approximately 4.88 acres with a 2,683 SF dwelling AND 539 Cloverleaf Dr. (APN: 8503-002-008) - approximately 14.97 acres with a 2,390 SF dwelling Together, the combined 19.85-acre property provides utilities on site. According to recent surveyor analysis, there is potential for 6 to 8 luxury single-family home lots. The optimal layout would likely include six primary lots, while two additional lots could be achieved with more complex hillside grading and retaining solutions. Set amid the natural beauty of Monrovia's hillside neighborhoods and just minutes from Old Town Monrovia, schools, and major transportation corridors, this property blends immediate income stability with long-term development potential-a rare combination in one of the
Location
State CA
County Los Angeles
Interior
Fireplace No
Exterior
View Mountain(s)
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