1499 Ridgecrest St, Monterey Park, California, United States

Report Listing

Home For Sale

$12,525,000

1499 Ridgecrest St
Monterey Park, California, United States

71bd 55ba

Listed By: Realtyww Info

Listed On: 07/21/2024

Listing ID: GL11892995 View More Details

Description

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 and 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!!

For more details:

Listed by: Brian Gordon