Property Details
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 (15%+) 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, 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,
MLS Listing Information
MLS #
CRAR24148262
MLS Source
California Regional MLS
Parking, School, and Other Information
Garage/Parking
Carport, Covered Parking, Gate/Door Opener, Storage - RV, Garage: 0 Car(s)
HOA Fee
$0
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 1 | 47 | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
1499 Ridgecrest St is a Residential Income in Monterey Park, CA 91754. This – square foot property sits on a 55,408 Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $10,855,000 and was built in 1962. This address can also be written as 1499 Ridgecrest St, Monterey Park, CA 91754.
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This listing information is up-to-date as of December 21, 2024. For the most current information, please contact Brian Gordon, (626) 582-8001
