$13,850,000
1499 Ridgecrest Street, Monterey Park 91754
5
Beds
4
Baths
55,414
Lot Size
47
# Of Units
Listing Agent
Brian Gordon - Lotus Property Services, Inc. - 626-582-8001The Three Lanterns Apartments is a 47-unit apartment complex located at 1499 Ridgecrest Street in Monterey Park, CA. Built in 1962, the building features an excellent unit mix consisting of (23) one-bedroom/one-bathroom units, (16) two-bedroom/one-bathroom units and (8) two bedroom/one & ½ bath townhouse style units. The property features a modern courtyard setting centered with a sparkling pool, spacious laundry facility and secured parking. The 40,058 square foot building sits on a large 1.27 acre lot, which is MPR3 zoned. Held by the same family ownership for over 55 years, Three Lanterns Apartments is a value-add opportunity in which new ownership has an opportunity to increase rents by virtue of implementing a renovation program to the unit interiors and exteriors. Current rents are approximately twenty percent (20%+) below market. This is a rare opportunity for an investor who is looking for a value-add property in a high-end supply constrained submarket with historically low vacancy rates. Featuring character 1962 construction and well-maintained condition, this trophy investment offers historically low expenses, ease of management and superb cash flow. Three Lanterns Apartments features a Walk Score of 78/100 as it is conveniently located just a short distance from restaurants, parks and 710/10/60 freeways and East Los Angeles College (ELAC).
Facts & Features
MLS® # | AR23075938 |
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Price | $13,850,000 |
Bedrooms | 5 |
Bathrooms | 4.00 |
Lot Size | 55,414 |
Year Built | 1962 |
Type | Residential Income |
Sub-Type | Apartment |
Status | Active |
# Of Units | 47 |
Community Information
Address | 1499 Ridgecrest Street |
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Area | 641 - Monterey Park |
City | Monterey Park |
County | Los Angeles |
Zip Code | 91754 |
Amenities
Parking Spaces | 71 |
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Parking | Covered, Gated, Tandem |
Garages | Covered, Gated, Tandem |
Is Waterfront | No |
Has Pool | Yes |
Pool | Community, In Ground |
Interior
Has Basement | No |
---|---|
Fireplace | No |
# of Stories | 2 |
Stories | Two |
Exterior
Lot Description | Garden, Lot Over 40000 Sqft, Landscaped |
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Additional Information
Date Listed | May 5th, 2023 |
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Days on Market | 364 |
Zoning | MPR3* |
Foreclosure | No |
Short Sale | No |
RE / Bank Owned | No |
Listing Details
Agent | Brian Gordon |
---|---|
Office | Lotus Property Services, Inc. |
Info | 626-582-8001 |