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Brian Gordon
Lotus Property Services, Inc.
626-582-8001
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).
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Water Source : Public
Sewer : Public Sewer
Year Built: 1962
Building Area Total: 40,058
Security Gate,Resident Manager
Community,In Ground
Common Area
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 1.2721
Lot Size Source: Assessor
Lot Size Square Feet: 55414
Original List Price: 12,975,000
Listing Contract Date: 2023-05-05
Listing Agreement: Exclusive Right To Sell
Parcel Number: 5252004058
Garage Description: Covered,Gated,Tandem
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 641 - Monterey Park
Postal Code Plus 4: 4324
Directions: Off I-10W Follow S Fremont Ave and Monterey Pass Rd to Ridgecrest St
Zoning: MPR3*
Source Property Type: Residential Income
Area: 641 - Monterey Park
Property SubType: Apartment
Property Age: 62
Common Walls: 2+ Common Walls
Structure Type: Apartment
Year Built Source: Assessor
Entry Level: 1
Entry Location: Ground
Property Attached: Yes
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
Garvey, Monterey Park, CA,91754 | $598,800 | -- | -- | -- | 23097 Sqft |
Atlantic Boulevard, Monterey Park, CA,91754 | $299,000 | -- | -- | -- | 9980 Sqft |
708 Rodman, Monterey Park, CA,91754 | $599,000 | -- | -- | -- | 11011 Sqft |
419 N Chandler Avenue #.., Monterey Park, CA,91754 | $763,000 | 2 | 2 | 1,153 | 84123 Sqft |
325 W Hammel Street, Monterey Park, CA,91754 | $829,999 | 3 | 2 | 1,298 | 5257 Sqft |
411 S Garfield Avenue #29, Monterey Park, CA,91754 | $429,998 | 1 | 1 | 721 | 66944 Sqft |
419 N Chandler Avenue #.., Monterey Park, CA,91754 | $625,000 | 1 | 2 | 844 | 84123 Sqft |
419 N Chandler Avenue #.., Monterey Park, CA,91754 | $729,000 | 2 | 2 | 1,180 | 87942 Sqft |
419 N Chandler Avenue #.., Monterey Park, CA,91754 | $738,000 | 2 | 2 | 1,135 | 87942 Sqft |
419 N Chandler Avenue #.., Monterey Park, CA,91754 | $755,000 | 2 | 2 | 1,180 | 87942 Sqft |
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ByOwner last updated this listing 05/19/2024 @ 04:24
MLS: AR23075938
LISTED BY: Brian Gordon, Lotus Property Services, Inc.
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.