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1499 Ridgecrest Street

Monterey Park, CA 91754

– beds
– baths
– sqft
~1 acre lot
1962 build
– on site

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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!!

Listed By CRMLS_CA / Brian Gordon / Lotus Property Services, Inc. / 626-582-8001

Last checked: Checking… • Last updated Nov 13, 2024 •

MLS# AR24148262 —

The Building

Year Built:

1962
Year Built Source:

Public Records
New Construction:

No
Entry Level:

1
Common Walls:

2+ Common Walls
Building Area Total:

40058.00
Building Area Units:

Square Feet
# of Buildings:

1
Total Number Of Units:

47
Stories Total:

2
# of Separate Gas Meters:

1
# of Separate Water Meters:

1
# of Separate Electric Meters:

47

Interior

Levels:

Two
Entry Location:

1
Laundry:

Common Area
Laundry:

1

Location

Directions:

Off I-10W Follow S Fremont Ave and Monterey Pass Rd to Ridgecrest St
Latitude:

34.04587900
Longitude:

-118.16095900

The Property

Property Type:

Residential Income
Subtype:

Apartment
Zoning:

MPR3*
Lot Features:

0-1 Unit/Acre, Corner Lot
Lot Size Area:

55408.0000
Lot Size Acres:

1.2720
Lot Size SqFt:

55408.00
Lot Size Source:

Public Records
Fencing:

Electric
Fence:

Yes
Security Features:

Automatic Gate, Resident Manager
Property Attached:

1
Additional Parcels:

No
Land Lease:

No

Listing Agent

Contact info:

Taxes

Tax Census Tract:

4820.02
Tax Tract:

22895
Tax Lot:

2

The Listing

Special Listing Conditions:

Standard
Parcel Number:

5252004058

Utilities

Utilities:

Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Sewer:

Public Sewer
Electric:

Standard
Water Source:

Public

The Community

Senior Community:

No
Features:

Curbs, Sidewalks, Street Lights
Pool:

Community, In Ground
Private Pool:

No
Association:

No

Parking

Parking:

Yes
Parking:

Built-In Storage, Carport, Covered, Gated, Tandem Covered
Parking Spaces:

71.00
Uncovered Spaces:

27.00
Carport Spaces:

44.00

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price	% Change
11/8/24 Nov 8, 2024	Sold	CRMLS_CA	$10,855,000	-13.3%
9/23/24 Sep 23, 2024	Pending	CRMLS_CA	$12,525,000
7/19/24 Jul 19, 2024	Listed / Active	CRMLS_CA	$12,525,000

Multifamily Sold on 11/8/2024

$10,855,000

Listing provided by broker:

Brian Gordon

Lotus Property Services, Inc.

626-582-8001

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Listing Courtesy of: CRMLS_CA and Lotus Property Services, Inc.. Based on information from California Regional Multiple Listing Service, Inc. as of 00:01 on Nov 19.

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.

1499 Ridgecrest Street

Monterey Park, CA 91754