1499 Ridgecrest Street, Monterey Park, CA 91754

  • $12,975,000
  • $324
1499 Ridgecrest Street, Monterey Park, CA 91754
www.1499ridgecreststreet.com
  • Residential Income
  • Property Type
  • 0.00
  • Garage
  • 1962
  • Year Built
For Sale

1499 Ridgecrest Street, Monterey Park, CA 91754

1499 Ridgecrest Street, Monterey Park, CA 91754
  • $12,975,000
  • $324

Description

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).

  • Address 1499 Ridgecrest Street
  • City Monterey Park
  • State/county CA
  • Zip/Postal Code 91754
  • Area 641 - Monterey Park
  • Country United States

Details

Updated on May 16, 2024 at 1:42 pm
  • Property ID: 208155
  • Price: $12,975,000
  • Land Area: 55414.00 Sqft
  • Garage: 0.00
  • Year Built: 1962
  • Property Type: Residential Income
  • Property Status: For Sale
  • Living Area: 40058.00
  • MLS#: AR23075938
  • Office Name: LOTUS PROPERTY SERVICES, INC.
  • Agent Name: Brian Gordon
  • MLS Status: Active
  • Living Area Prefix: Sqft
  • Agent State License: 01302670
  • IDX Contact Info: 626-582-8001

Additional details

  • Sewer: Public Sewer
  • County: Los Angeles
  • Property SubType: Apartment
  • Parking: 71.00
  • Water Source: Public

Mortgage Calculator

Monthly
  • Down Payment
  • Loan Amount
  • Monthly Mortgage Payment
  • Property Tax
  • Home Insurance
  • PMI
  • Monthly HOA Fees
$
%
%
%
$
$
%

Schedule a Tour

Your information

360° Virtual Tour

www.1499ridgecreststreet.com

Contact Information

View Listings
Bill Qin
  • Bill Qin

Enquire About This Property

0 Review

Sort by:
Leave a Review

Leave a Review

Similar Listings

Compare listings

Compare
Bill Qin
  • Bill Qin