REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.

In-PersonVirtual Tour

Sherry Ramos

sherry.ramos@engelvoelkers.com +1(818) 429-2793

$ 12,525,000

Est. payment -/mo

Save Virtual Tour

Pending

1499 Ridgecrest ST Monterey Park, CA 91754

40,058 SqFt

UPDATED:

09/30/2024 05:56 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Pending

Purchase Type For Sale

Square Footage 40,058 sqft

Price per Sqft $312

MLS Listing ID AR24148262

HOA Y/N No

Year Built 1962

Lot Size 1.272 Acres

Property 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 (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, parks and 710/10/60 freeways and East Los Angeles College (ELAC). Only $266K per door!!

Location

State CA

County Los Angeles

Area 641 - Monterey Park

Zoning MPR3*

Rooms

Ensuite Laundry Common Area

Interior

Laundry Location Common Area

Fireplace No

Laundry Common Area

Exterior

Garage Covered, Carport, Gated, Storage, Tandem

Carport Spaces 44

Fence Electric

Pool Community, In Ground

Community Features Curbs, Street Lights, Sidewalks, Pool

Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected

Parking Type Covered, Carport, Gated, Storage, Tandem

Total Parking Spaces 71

Private Pool No

Building

Lot Description 0-1 Unit/Acre, Corner Lot

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5252004058

Security Features Security Gate,Resident Manager

Energy Description 2733.0

Acceptable Financing Cash, Cash to New Loan, Submit

Listing Terms Cash, Cash to New Loan, Submit

Special Listing Condition Standard

Listed by Brian Gordon • Lotus Property Services, Inc. • 626-582-8001

Sherry Ramos

Advisor | License ID: 01271018

+1(818) 429-2793

Sherry Ramos

1499 Ridgecrest ST Monterey Park, CA 91754

Key Details

Location

Rooms

Interior

Exterior

Building

Others

GET MORE INFORMATION

Go tour this home

1499 Ridgecrest ST