1499 Ridgecrest Street

Monterey Park, CA 91754

About this property

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).

Features and Additional Information

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$13,850,000 Active
0 Beds
40,058 SQFT

Presented By Country Air Properties

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Lotus Property Services, Inc. 626-582-8001
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Area Information

641 Monterey Park | Los Angeles County |

$ 13,850,000
This listing is play_arrow 1837.1% higher than the average in the area
$ 715,000 in the area
40,058 SqFt
This listing is play_arrow 2554.6% larger than the average in the area
1,509 SqFt in the area
$ 346 $/SqFt
This listing is play_arrow 27.0% less than the average in the area
$ 474 $/SqFt in the area
349 days on site
This listing is play_arrow 1952.9% above the average in the area
17 days on site in the area

Schools in the Area

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    Elementary School
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Listed By Brian Gordon
Brokerage: Lotus Property Services, Inc. 626-582-8001

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