1499 Ridgecrest Street 1499 Ridgecrest Street Monterey Park, California 91754 United States
1499 Ridgecrest Street Monterey Park, California 91754 United States
$13,850,000
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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)...
- 1.2721 Acres
- Exterior
- Residential Income
- Property type
- 1962
- Year Built
- AR23075938
- Web Id
- AR23075938
- MLS ID
- 358
- days ago
About 1499 Ridgecrest Street
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 & 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).
Listing Courtesy of Lotus Property Services, Inc., Email/Phone : 626-582-8001
The listing brokers offer of compensation is made only to participants of the MLS where the listing is filed.
Listing Courtesy of Lotus Property Services, Inc., Email/Phone : 626-582-8001
The listing brokers offer of compensation is made only to participants of the MLS where the listing is filed.
Amenities
- Community Pool
- Outdoor Pool
features
- Parking
- Car Port
- Community
- Sidewalks
PROPERTY INFORMATION
- Community Info
- Curbs, StreetLights, Sidewalks, Pool
- Garage Info
- 0
- Parking Description
- Covered, Gated, Tandem
- Pool
- Community, InGround
- Sewer
- PublicSewer
- Water
- Public
EXTERIOR
- Lot Description
- Garden, LotOver40000Sqft, Landscaped
ADDITIONAL INFORMATION
- Number of Units
- 47
Listing Courtesy of Lotus Property Services, Inc., Email/Phone : 626-582-8001