Address
1499 Ridgecrest Street, Monterey Park, CA
Price
$ 14,275,000
Property Attributes
- MLS#AR23075938
- TypeIncome
- CountyLOS ANGELES
- CityMonterey Park
- AreaMonterey Park
- Zip91754
- StyleApartment
- Price$ 14,275,000
- Bedrooms71
- Full Bathrooms55
- Half Bathrooms0
- Sqr Footage40058
- Lot Size1.27213 Acres
Data Source:
California Regional MLS (CRMLS)
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 (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).
| Price History | |
|---|---|
| 5/6/2023 | Listed $14,275,000 |
General Features
| Building Area Units | Square Feet |
|---|---|
| Cap Rate | 4.09 |
| Carport Spaces | 44 |
| Carport Y/N | Yes |
| City | Monterey Park |
| Community Features | Curbs, Street Lights, Sidewalks, Pool |
| County | Los Angeles |
| Current Financing | None |
| Directions | Off I-10W Follow S Fremont Ave and Monterey Pass Rd to Ridgecrest St |
| Electric | Standard |
| Electric Expense | 10761 |
| Entry Location | Ground |
| Fuel Expense | 1955 |
| Gross Income | 974534 |
| Insurance Expense | 21384 |
| Levels | Two |
| Listing Agent | Brian Gordon - BRE#01302670 |
| Listing Agent State License | 01302670 |
| Listing Terms | Cash to New Loan, Conventional, Submit |
| Lot Size Square Feet | 55414 |
| MLS Area | 641 - Monterey Park |
| Maintenanceexpense | 47752 |
| Net Operating Income | 583895 |
| Open Parking Spaces | 27 |
| Operating Expense | 371148 |
| Pool Features | Community, In Ground |
| Possession | Close Of Escrow |
| Property Attached Y/N | Yes |
| Property Sub Type Additional | Apartment |
| Property SubType | Apartment |
| Property Type | Residential Income |
| Security Features | Security Gate, Resident Manager |
| Senior Community Y/N | No |
| Sewer | Public Sewer |
| Special Listing Conditions | Standard |
| Standard Status | Active |
| Status | Active |
| Stories | 2 |
| Street Name | Ridgecrest |
| Tax Lot | 2 |
| Taxes | 172942 |
| Total Units | 47 |
| Trash Expense | 11319 |
| Virtual Tour | www.1499ridgecreststreet.com |
| Virtual Tour | www.1499ridgecreststreet.com |
| Water Sewer Expense | 17437 |
| Year Built | 1962 |
| Year Built Source | Assessor |
| Zoning | MPR3* |
Interior Features
| Common Walls | 2+ Common Walls |
|---|---|
| Entry Level | 1 |
| Laundry Features | Common Area |
| Street Suffix | Street |
| Total Stories | 2 |
Exterior Features
| Buyer Agent Compensation | 2.000 |
|---|---|
| Buyer Agent Compensation Type | % |
| Building Area Total | 40058 |
| Lot Features | Garden, Lot Over 40000 Sqft, Landscaped |
| Lot Size Acres | 1.2721 |
| Lot Size Area | 55414 |
| Lot Size Source | Assessor |
| Lot Size Units | Square Feet |
| Number of Buildings | 1 |
| Number of Separate Electric Meters | 47 |
| Number of Separate Gas Meters | 1 |
| Number of Separate Water Meters | 1 |
| Parking Features | Covered, Gated, Tandem |
| Pool Charge | 5260 |
| Total Parking | 71 |
| Water Source | Public |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Income Average in 91754
Price
Visits
Year Built
Based on information from California Regional Multiple Listing Service, Inc. as of September 25, 2023 5:39 AM UTC This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
The MLS™ Combined LA/Westside MLS® (CLAW): All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers
