498 W Riggin St Monterey Park, CA 91754
Estimated payment $7,395/month
Highlights
- Second Garage
- Laundry Room
- Wood Fence
- No HOA
About This Home
Just listed 3-Unit Triplex plus approved permits to build 4th Unit ADU! The property presents an exceptional opportunity for investors or owner-users seeking strong existing income and value-add potential. The property features an ideal unit mix of one 1-bedroom/1-bath single-story unit and two 2-bedroom/1-bath units, totaling 2,442 rentable square feet on a 6,823 square foot lot. Each unit is separately metered for electricity and gas, and tenants enjoy garage parking and private interior laundry hookups, adding to long-term tenant appeal.
What truly sets this offering apart is the rare opportunity to immediately increase value: approved plans and permits are in place for a 689 sq. ft. 1-bedroom ADU, allowing for a 4th income-generating unit. Major capital improvements have already been completed, including a new electrical panel for all units and a new copper main water line, ensuring reduced maintenance costs.
Located in a strong rental market with proximity to shops, schools, and transportation, this property is ready for expansion—just bring your shovel and start building. Whether you're looking to grow your portfolio or live onsite while generating income, this Monterey Park property offers rare upside with permits already in hand.
Listing Agent
RE/MAX 2000 REALTY Brokerage Phone: 909-645-0443 License #01800021 Listed on: 07/28/2025
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $12,025
Year Built
- Built in 1948
Lot Details
- 6,823 Sq Ft Lot
- 1 Common Wall
- Wood Fence
- Block Wall Fence
- Density is up to 1 Unit/Acre
Parking
- 3 Car Garage
- Second Garage
- Parking Available
- Rear-Facing Garage
- Assigned Parking
Home Design
- Apartment
- Entry on the 1st floor
- Shingle Roof
Interior Spaces
- 2,442 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 5 Bedrooms
- 3 Bathrooms
Laundry
- Laundry Room
- Laundry in Kitchen
- Washer and Gas Dryer Hookup
Listing and Financial Details
- Legal Lot and Block 5266 / 020
- Tax Tract Number 20
- Assessor Parcel Number 5266020020
- $796 per year additional tax assessments
- Seller Considering Concessions
Community Details
Overview
- No Home Owners Association
- 2 Buildings
- 3 Units
Building Details
- 3 Leased Units
- Rent Control
- 3 Separate Electric Meters
- 3 Separate Gas Meters
- 1 Separate Water Meter
- Insurance Expense $2,200
- Maintenance Expense $1,500
- Water Sewer Expense $2,560
- New Taxes Expense $15,170
- Operating Expense $21,430
- Gross Income $56,712
- Net Operating Income $33,581
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $12,025 | $905,148 | $488,988 | $416,160 |
| 2024 | $12,025 | $887,400 | $479,400 | $408,000 |
| 2023 | $12,056 | $870,000 | $470,000 | $400,000 |
| 2022 | $8,387 | $596,855 | $177,691 | $419,164 |
| 2021 | $8,103 | $585,153 | $174,207 | $410,946 |
| 2020 | $8,043 | $579,154 | $172,421 | $406,733 |
| 2019 | $7,797 | $567,799 | $169,041 | $398,758 |
| 2018 | $7,904 | $556,667 | $165,727 | $390,940 |
| 2016 | $7,595 | $535,053 | $159,293 | $375,760 |
| 2015 | $7,139 | $527,017 | $156,901 | $370,116 |
| 2014 | $7,052 | $516,694 | $153,828 | $362,866 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/25/2025 08/25/25 | For Sale | $1,200,000 | 0.0% | $491 / Sq Ft |
| 08/08/2025 08/08/25 | Pending | -- | -- | -- |
| 08/05/2025 08/05/25 | For Sale | $1,200,000 | 0.0% | $491 / Sq Ft |
| 08/02/2025 08/02/25 | Pending | -- | -- | -- |
| 07/28/2025 07/28/25 | For Sale | $1,200,000 | +37.9% | $491 / Sq Ft |
| 01/02/2023 01/02/23 | Sold | $870,000 | -2.8% | $356 / Sq Ft |
| 11/17/2022 11/17/22 | Pending | -- | -- | -- |
| 11/08/2022 11/08/22 | For Sale | $895,000 | 0.0% | $367 / Sq Ft |
| 10/26/2022 10/26/22 | Pending | -- | -- | -- |
| 10/03/2022 10/03/22 | Price Changed | $895,000 | -12.7% | $367 / Sq Ft |
| 09/08/2022 09/08/22 | For Sale | $1,025,000 | -- | $420 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Grant Deed | $870,000 | Orange Coast Title | |
| Interfamily Deed Transfer | -- | None Available | |
| Interfamily Deed Transfer | -- | None Available | |
| Interfamily Deed Transfer | -- | None Available | |
| Interfamily Deed Transfer | -- | Lawyers Title | |
| Individual Deed | -- | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $210,000 | Purchase Money Mortgage |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: CV25169203
APN: 5266-020-020
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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
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