Seller's Agent in 2024
Brian Gordon
Lotus Property Services, Inc.
(626) 582-8001
2 in this area
16 Total Sales
1499 Ridgecrest St Monterey Park, CA 91754
5
Beds
4
Baths
40,058
Sq Ft
1.27
Acres
Highlights
- In Ground Pool
- Automatic Gate
- Corner Lot
- Brightwood Elementary School Rated A
- 1.27 Acre Lot
- No HOA
About This Home
As of November 2024The 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 Agent to Sell the Property
Lotus Property Services, Inc. Brokerage Phone: 626-582-8001 License #01302670 Listed on: 07/19/2024
Last Buyer's Agent
Lotus Property Services, Inc. Brokerage Phone: 626-582-8001 License #01302670 Listed on: 07/19/2024
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1962
Lot Details
- 1.27 Acre Lot
- Two or More Common Walls
- Electric Fence
- Corner Lot
- Density is up to 1 Unit/Acre
Home Design
- Apartment
- Entry on the 1st floor
Interior Spaces
- 40,058 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 5 Bedrooms
- 4 Bathrooms
Laundry
- Laundry Room
- Leased Washer and Dryer
Parking
- 71 Car Garage
- 27 Open Parking Spaces
- 44 Carport Spaces
- Parking Storage or Cabinetry
- Parking Available
- Tandem Covered Parking
- Automatic Gate
Outdoor Features
- In Ground Pool
- Exterior Lighting
Utilities
- Natural Gas Connected
Listing and Financial Details
- Tenant pays for electricity
- Tax Lot 2
- Tax Tract Number 22895
- Assessor Parcel Number 5252004058
Community Details
Overview
- No Home Owners Association
- 47 Units
Recreation
- Community Pool
Building Details
- 47 Leased Units
- 47 Separate Electric Meters
- 1 Separate Gas Meter
- 1 Separate Water Meter
- Cable TV Expense $5,415
- Electric Expense $11,023
- Fuel Expense $2,733
- Gardener Expense $2,880
- Insurance Expense $27,029
- Maintenance Expense $50,370
- Pest Control $3,168
- Pool Expense $4,890
- Professional Management Expense $30,222
- Trash Expense $11,245
- Water Sewer Expense $20,203
- Security Expense $13,950
- New Taxes Expense $157,815
- Operating Expense $345,969
- Gross Income $1,027,776
- Net Operating Income $661,427
Additional Features
- Laundry Facilities
- Resident Manager or Management On Site
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 03/05/2025 03/05/25 | Off Market | $1,945 | -- | -- |
| 12/01/2024 12/01/24 | For Rent | $1,945 | 0.0% | -- |
| 11/08/2024 11/08/24 | Sold | $10,855,000 | -13.3% | $271 / Sq Ft |
| 09/16/2024 09/16/24 | Pending | -- | -- | -- |
| 07/19/2024 07/19/24 | For Sale | $12,525,000 | -- | $313 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Brian Gordon
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: AR24148262
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
Nearby Homes
- 4766 Hammel St
- 1861 College View Dr
- 1389 Hillside St
- 1545 Star Ridge Dr
- 4613 Eugene St
- 833 N Humphreys Ave Unit 3
- 4310 Floral Dr
- 4746 Floral Dr
- 4316 Dozier St
- 223 S Kern Ave
- 225 S Kern Ave
- 1314 W 1st St
- 241 S Kern Ave
- 4268 Capistrano Way
- 4264 Capistrano Way
- 1324 Volney Dr
- 4227 E Cesar e Chavez Ave
- 4339 E 1st St
- 986 Gifford Ave
- 1336 Helen Dr