1499 Ridgecrest Street, Monterey Park, CA 91754 (MLS # AR23075938)
The 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).
Property Type(s):
Residential Income
|
Last Updated
|
10/26/2023
|
Year Built
|
1962
|
|
Community
|
Monterey Park
|
County
|
Los Angeles
|
Price History
|
Prior to Oct 26, '23
|
$14,275,000 |
| Oct 26, '23 - Today |
$13,850,000 |
Additional Details
| AREA |
Monterey Park |
| BUYER'S BROKERAGE COMPENSATION |
2.000 % |
| GARAGE |
Covered, Gated, Tandem |
| HOA DUES |
0 |
| LOT |
1.27 acre(s) |
| LOT DESCRIPTION |
Garden, Landscaped, Lot Over 40000 Sqft |
| PARKING |
Covered,Gated,Tandem |
| POOL |
Yes |
| POOL DESCRIPTION |
Community,In Ground |
| SEWER |
Public Sewer |
| STORIES |
2 |
| UTILITIES |
Electric: Standard |
| WATER |
Public |
| ZONING |
MPR3* |
Location
Listed with Lotus Property Services, Inc.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 4/19/24 6:08 AM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
This IDX solution is (c) Diverse Solutions 2024.
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