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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!!
Last Updated | 7/19/2024 | Year Built | 1962 |
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Community | Monterey Park | County | Los Angeles |
Additional Details
AREA | Monterey Park |
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GARAGE | Carport, Covered, Gated, Storage, Tandem |
HOA DUES | 0 |
LOT | 1.27 acre(s) |
LOT DESCRIPTION | 0-1 Unit/Acre, Corner Lot |
PARKING | Covered,Carport,Gated,Storage,Tandem |
POOL | Yes |
POOL DESCRIPTION | Community,In Ground |
SEWER | Public Sewer |
STORIES | 2 |
UTILITIES | Electricity Connected,Natural Gas Connected,Sewer Connected,Water Connected, Electric: Standard |
WATER | Public |
ZONING | MPR3* |
Location
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