About 1499 Ridgecrest St
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 of 1499 Ridgecrest St
MLS® # | AR23075938MR |
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Price | $12,975,000 |
Units | 47 |
Bedrooms | 5 |
Bathrooms | 4.00 |
Square Footage | 40,058 |
Acres | 1.00 |
Year Built | 1962 |
Type | Residential Income |
Sub-Type | Apartment |
Status | Active |
Community Information
Address | 1499 Ridgecrest St |
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Area | Monterey Park |
City | MONTEREY PARK |
County | Los Angeles |
State | CA |
Zip Code | 91754 |
Amenities
Parking Spaces | 71 |
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Garages | Gated |
Is Waterfront | No |
Has Pool | Yes |
Pool | In Ground |
Interior
Fireplace | No |
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# of Stories | 2 |
Has Basement | No |
Additional Information
Date Listed | May 5th, 2023 |
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Days on Market | 378 |
Zoning | MPR3* |
Foreclosure | No |
RE / Bank Owned | No |
Cap Rate | 4.78 |
Gross Operating Income | $964,188 |
Net Operating Income | $619,949 |
Unit 1 Details
Beds | 1 |
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Baths | 1.00 |
Rent | $35,597 |
Unit 2 Details
Beds | 2 |
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Baths | 1.00 |
Rent | $29,941 |
Unit 3 Details
Beds | 2 |
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Baths | 2.00 |
Rent | $15,719 |
Listing Details
Agent | Brian Gordon (01302670) |
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Office | Lotus Property Services, Inc. |