1499 Ridgecrest Street
Monterey Park, CA 91754
- – beds
- – baths
- – sqft
- ~1 acre lot
- 1962 build
- – on site
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!!
Last checked:
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Last updated Sep 7, 2024
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MLS# AR24148262 —
The Building
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Year Built:1962
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Year Built Source:Public Records
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New Construction:No
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Entry Level:1
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Common Walls:2+ Common Walls
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Building Area Total:40058.00
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Building Area Units:Square Feet
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# of Buildings:1
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Total Number Of Units:47
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Stories Total:2
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# of Separate Gas Meters:1
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# of Separate Water Meters:1
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# of Separate Electric Meters:47
Interior
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Levels:Two
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Entry Location:1
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Laundry:Common Area
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Laundry:1
Location
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Directions:Off I-10W Follow S Fremont Ave and Monterey Pass Rd to Ridgecrest St
The Property
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Property Type:Residential Income
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Subtype:Apartment
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Zoning:MPR3*
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Lot Features:0-1 Unit/Acre, Corner Lot
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Lot Size Area:55408.0000
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Lot Size Acres:1.2720
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Lot Size SqFt:55408.00
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Lot Size Source:Public Records
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Fencing:Electric
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Fence:Yes
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Security Features:Automatic Gate, Resident Manager
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Property Attached:1
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Additional Parcels:No
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Land Lease:No
Listing Agent
- Contact info:
- No listing contact info available
Taxes
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Tax Census Tract:4820.02
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Tax Tract:22895
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Tax Lot:2
The Listing
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Special Listing Conditions:Standard
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Parcel Number:5252004058
Utilities
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Utilities:Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
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Sewer:Public Sewer
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Electric:Standard
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Water Source:Public
The Community
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Senior Community:No
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Features:Curbs, Sidewalks, Street Lights
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Pool:Community, In Ground
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Private Pool:No
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Association:No
Parking
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Parking:Yes
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Parking:Built-In Storage, Carport, Covered, Gated, Tandem Covered
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Parking Spaces:71.00
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Uncovered Spaces:27.00
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Carport Spaces:44.00
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
Date | Event | Source | Price | % Change |
---|---|---|---|---|
7/19/24
Jul 19, 2024
|
Listed / Active | CRMLS_CA | $12,525,000 | |
5/6/24
May 6, 2024
|
Price Changed | CRMLS_CA | ||
10/26/23
Oct 26, 2023
|
Price Changed | CRMLS_CA |