Address: |
view address Monterey Park, CA 91754 Map Location |
Features: | Multi-level |
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Square Feet: | 40,058 sq.ft. | Lot Size: | 55408.0 |
Year Built: | 1962 | Property Type: | Apartment |
County: | Los Angeles | List Date: | 2024-07-18 |
Listing Number: | AR24148262 | Listed By: | Lotus Property Services, Inc. |
Listing Office: | 626-582-8001 | Virtual Tour: | Click Here |
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 & 1/2 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!!
Laundry Features: | Common Area | Laundry: | Yes |
Lot features: | Corner Lot |
Pool Features: | In Ground, Community |
Parking features: | Carport, Covered, Storage, Gated, Tandem |
Fencing: | Electric |
Security Features: | Security Gate | Community Features: | Pool, Curbs, Sidewalks, Street Lights |
Sewer: | Public Sewer |
Special Listing Conditions: | Standard |
Year Built: | 1962 | Levels: | Two |
Stories: | 2 |
Lot Dimensions: | 55408.0 |
Building Area total: | 40058.0 |
Community information and market data Powered by Onboard Informatics. Copyright ©2024 Onboard Informatics. Information is deemed reliable but not guaranteed.
This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person’s eligibility to attend a school or to use or benefit from other city, town or local services.
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Community information and market data Powered by Onboard Informatics. Copyright ©2024 Onboard Informatics. Information is deemed reliable but not guaranteed.
This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person’s eligibility to attend a school or to use or benefit from other city, town or local services.
|
Community information and market data Powered by Onboard Informatics. Copyright ©2024 Onboard Informatics. Information is deemed reliable but not guaranteed.
This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person’s eligibility to attend a school or to use or benefit from other city, town or local services.