1499 Ridgecrest StreetMonterey Park, California91754United States
$13,850,000
Residential Income
1 of 20
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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)...
$13,850,000
1.2721 Acres
Exterior
Residential Income
Property type
1962
Year Built
AR23075938
Web Id
AR23075938
MLS ID
Alhambra Unified
School District
359
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.
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