1499 Ridgecrest ST Pending Save Request In-Person Tour Request Virtual Tour
Monterey Park,CA 91754
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
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
Laundry Common Area
Exterior
Garage Covered,Carport,Gated,Storage,Tandem
Fence Electric
Pool Community,In Ground
Community Features Curbs,Street Lights,Sidewalks,Pool
Utilities Available Electricity Connected,Natural Gas Connected,Sewer Connected,Water Connected
Building
Lot Description 0-1 Unit/Acre,Corner Lot
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Cash,Cash to New Loan,Submit
Listing Terms Cash,Cash to New Loan,Submit
Special Listing Condition Standard