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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!!PROPERTY FEATURES
Electric: Standard
Sewer: Public Sewer
Water Source: Public
Uncovered Spaces: 27.00
Carport Spaces: 44.00
# of Parking Spaces: 71.00
Security Features: Automatic Gate,Resident Manager
Lot Features: 0-1 Unit/Acre,Corner Lot
Fencing: Electric
Parcel Identification Number: 5252004058
Year Built Source: Public Records
Common Walls: 2+ Common Walls
Laundry Features: Common Area
Laundry: Has Laundry
Zoning: MPR3*
MLSAreaMajor: 641 - Monterey Park
PROPERTY DETAILS
Street Address: 1499 Ridgecrest Street
City: Monterey Park
State: California
Postal Code: 91754
County: Los Angeles
MLS Number: AR24148262
Year Built: 1962
Courtesy of Lotus Property Services, Inc.
City: Monterey Park
State: California
Postal Code: 91754
County: Los Angeles
MLS Number: AR24148262
Year Built: 1962
Courtesy of Lotus Property Services, Inc.
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