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537 Cloverleaf Drive, Monrovia, California 91016, Monrovia, 91016 - 7 bed, 5 bath

537 Cloverleaf Drive, Monrovia, California 91016 home-pic-0
ACTIVE$4,800,000
537 Cloverleaf Drive, Monrovia, California 91016
7Beds
5Baths
5,073Sqft
864,776Lot
Year Built
1916
Close
-
List price
$4.8M
Original List price
$5.61M
Price/Sqft
$946
HOA
-
Days on market
-
Sold On
-
MLS number
AR25026904
Home ConditionTear down
Features
Good View: Mountain(s)
ViewMountain(s)

About this home

We found 3 Cons,5 Pros. Rank: price - $4.80M(93th), sqft - 5073(93th), beds - 7(93th), baths - 5(93th).

Improved Price ! Exceptional Development Opportunity to discover an expansive 19.85 acre property nestled in the serene and picturesque hillside of Monrovia. This prime offering comprises two parcels: 537 Cloverleaf Dr. (APN: 8503001029, approximately 4.88 acres with 2,683 SF of dwelling) and 539 Cloverleaf Dr. (APN: 8503002008, approximately 14.97 acres with 2,390 SF of dwelling). Utilities are available on site. Property is currently producing rental income. Valued primarily for its vast land, this versatile property offers boundless possibilities for redevelopment or continued use as rental property. Unlock its full potential by consulting the Monrovia Planning Department to explore development options. Don't miss this exceptional opportunity to turn your vision into reality. Take action today!

Condition Rating
Tear down
The property was built in 1916, making the existing dwellings over 100 years old. The listing description explicitly states the property is 'Valued primarily for its vast land' and offers 'boundless possibilities for redevelopment,' strongly suggesting the existing structures are not considered a primary asset and are likely in a state requiring demolition or extensive rehabilitation. The AI-generated analysis also notes the 'Age of Existing Dwellings' and states they are 'likely requiring substantial renovation or demolition.' No interior images are provided, which further supports the assumption that the structures are not a selling point and are in very poor condition, consistent with a tear-down candidate where value is solely in the land.
Pros & Cons

Pros

Exceptional Development Opportunity: The property is explicitly marketed as having 'boundless possibilities for redevelopment,' making it highly attractive for investors and developers seeking to maximize land value.
Expansive Land Holdings: Comprising two parcels totaling 19.85 acres, this vast land offers significant scale for various development projects in a desirable Monrovia location.
Existing Rental Income: Currently generating rental income, the property provides immediate cash flow, offering financial stability during potential planning or development phases.
On-Site Utilities: The availability of utilities on site significantly reduces initial development costs and simplifies the planning process for future projects.
Significant Price Reduction: An 'Improved Price' from $5.613M to $4.8M indicates a motivated seller and presents a more attractive entry point for potential buyers.

Cons

Age of Existing Dwellings: Built in 1916, the two existing dwellings are very old, likely requiring substantial renovation or demolition, which adds to the overall project cost for redevelopment.
Development Planning Complexity: The explicit need to 'consult the Monrovia Planning Department' suggests potential complexities, zoning restrictions, or a lengthy approval process for realizing the full development potential.
Hillside Development Challenges: While offering picturesque views, the hillside location can present challenges such as difficult terrain, higher construction costs, and potential geological considerations for development.

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