map Map favorite Favorite share Share Facebook Favorite print Print
Photo
Photo Photo

1499 Ridgecrest Street

Monterey Park, CA 91754

$12,975,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $323 / sqft

1962

calendar_month Built

Property 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).

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A
Interior Information
Virtual Tour deployed_code View Virtual Tour

Listing Information

Address 1499 Ridgecrest Street
City Monterey Park
State CA
Zip 91754
County Los Angeles
Listing Agent Brian Gordon DRE#01302670
Courtesy Of Lotus Property Services, Inc.
MLS AR23075938
List Price $12,975,000
Status Active
Type Residential Income
Subtype Apartment
Structure Size N/A
Lot Size 55,414
Year Built 1962
DOM 368

Exterior Information

Maps

home_work Nearby Properties

Image

$3,650,840

king_bed N/A
shower N/A
straighten N/A
straighten N/A
4754 Floral Drive,

Los Angeles, CA 90022
Image

$599,900

king_bed N/A
shower N/A
straighten N/A
straighten 4,752
4775 Hammel Street,

Los Angeles, CA 90022
Image

$945,000

king_bed 3
shower 2
straighten 1,356
straighten 7,363
1523 Pebble Hurst Street,

Monterey Park, CA 91754
Image

$13,882/month

king_bed N/A
shower N/A
straighten N/A
straighten 67,805
1588 Corporate Center Drive #4th floor,

Monterey Park, CA 91754
Image

$8,650/month

king_bed N/A
shower N/A
straighten N/A
straighten 118,488
1588 Corporate Center Drive #B,

Monterey Park, CA 91754

Listing information courtesy of: Brian Gordon, Lotus Property Services, Inc. . *Based on information from the Association of REALTORS/Multiple Listing as of May 6th, 2024 at 10:20 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.