Listed By:
Brian Gordon with Lotus Property Services, Inc.;
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 & Ā½ 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
AVG $6.56M
$14.28M
Visits
AVG 57
117
Year Built
AVG 1945
1962

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