$13,850,000 $74,350 est/mo Sourced by Back At You

1499 Ridgecrest Street,Monterey Park, CA 91754

Monterey Park CA, 91754

Share with a friend

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).

Details

MLS#AR23075938
Listing TypeFor Sale
StyleTown House
Sub-TypeResale
StatusActive
Year1962
Days On Site348
Listing Provided ByLotus Property Services, Inc. 626-582-8001 | Brian Gordon

Features

SQ Feet40,058
Car PortYes
PoolYes
Story(s)2
Units47
Building(s)1
ZoningMPR3*
Acreage1.27

Market Activity 91754

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the California Regional MLS.

Request a showing

Request a showing

Loading Form

Contact

Learn More About This Property

StateCA
CountyLos Angeles
CityMonterey Park
Zip Code91754
Area641 Monterey Park
Listing VS Median (in 91754)
Price:
$13,850,000
low | high
Med:
$707,000
100% of Average
SqFt:
40,058
low | high
Med:
1,223
100% of Average
$ / SqFt:
$346
low | high
Med:
$610
26.518193946568% of Average
On Site:
348
low | high
Med:
239.500000
100% of Average
Sourced by Back At You
Listing Updated: April 4, 2024 at 9:46:24 AM PDT
Real Estate Links Our Domains