Adult 55+
Listed By:
Brian Gordon with Lotus Property Services, Inc.; 626-582-8001
Address
1499 Ridgecrest Street, Monterey Park, CA
Price
$ 13,850,000
Property Attributes
  • MLS#AR23075938
  • TypeMulti-Family
  • CountyLOS ANGELES
  • CityMonterey Park
  • AreaMonterey Park
  • Zip91754
  • StyleApartment
  • Price$ 13,850,000
  • Bedrooms71
  • Full Bathrooms3
  • Half Bathrooms1
  • Sqr Footage40058
  • Lot Size1.2721 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
10/28/2023 3% - $13,850,000

General Features

Sewer PublicSewer
Possession CloseOfEscrow
Zoning MPR3*
HOA 0.0
Garage Spaces 0.0
Pool Features Community,InGround
Security Features SecurityGate,ResidentManager
Year Built 1962
Electric Standard
Stories 2
Levels Two
Property SubType Apartment
Gross Income 985598.0
Community Features Curbs,StreetLights,Sidewalks,Pool
County Los Angeles
Net Operating Income 621362.0
Operating Expense 344696.0
Insurance Expense 21384.0
New Construction No
Property Type ResidentialIncome
HOA / Comm Assn No
Attached Garage No
MaintenanceExpense 48303.0
Garage Y/N No
Special Listing Conditions Standard
Status Active
Directions Off I-10W Follow S Fremont Ave and Monterey Pass Rd to Ridgecrest St
City Monterey Park
Entry Location Ground
View Y/N No
Senior Community Y/N No
Open Parking Spaces 27.0
Total Units 47
MLS Area 641 - Monterey Park
Lot Size Square Feet 55414.0
Private Pool No
Waterfront Y/N No
Carport Spaces 44.0
Carport Y/N Yes
Street Name Ridgecrest
Listing Terms CashtoNewLoan,Conventional,Submit
Property Attached Y/N Yes
Land Lease Y/N No
Electric Expense 10761.0
Home Warranty Y/N No
Current Financing None
Fuel Expense 1955.0
Trash Expense 11319.0
Water Sewer Expense 17437.0
Lease Renewal Y/N No
Additional Parcels Y/N No
Lease Considered Y/N No
Rent Control Y/N No
Virtual Tour www.1499ridgecreststreet.com
Days on Market 174
Building Area Units SquareFeet
Standard Status Active
Year Built Source Assessor
Tax Lot 2
Virtual Tour www.1499ridgecreststreet.com
Property Sub Type Additional Apartment
Taxes 167793.0
Cap Rate 4.49
MobileHomeRemainsYN No

Interior Features

Total Stories 2
Common Walls Item2CommonWalls
Basement (Y/N) No
Air Conditioning Y/N No
Heating Y/N No
Fireplace Y/N No
Street Suffix Street
Laundry Features CommonArea
Entry Level 1
Electric On Property Y/N No

Exterior Features

Parking Features Covered,Gated,Tandem
Lot Features Garden,LotOver40000Sqft,Landscaped
Water Source Public
Total Parking 71.0
Lot Size Area 55414.0
Number of Buildings 1
Spa No
Building Area Total 40058.0
Lot Size Acres 1.2721
Lot Size Units SquareFeet
Lot Size Source Assessor
Pool Charge 5260.0
Number of Separate Water Meters 1
Number of Separate Gas Meters 1
Number of Separate Electric Meters 47
Crops Included Y/N No
Open Parking Y/N No
Horse Y/N No
Irrigation Water Rights Y/N No

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 Multi-Family Average in 91754

Price
AVG $3.47M
$13.85M
Visits
AVG 83
395
Data Provided by Inside Real Estate®
Year Built
AVG 1944
1962

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