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1499 Ridgecrest St
Monterey Park, CA 91754
The Three Lanterns Apartments · Multifamily Property For Sale
·
47 Units
Investment Highlights
- On the market for the first time in over 55 years, The Three Lanterns Apartments is a rare chance to own a multifamily property close to ELAC.
- Value-add opportunity for new investors to implement a renovation program to upgrade unit interiors and exteriors, with a 15% rental upside.
- Capitalize on a $5.6 million existing loan assumable with a 1% assumption fee and the interest rate currently at 4.29%.
- The Three Lanterns Apartments is a trophy courtyard-style property with a pool, spacious unit mix, and ample parking.
- Find a mix of 23 one-bedroom/one-bathroom, 16 two-bedroom/one-bathroom, and eight two-bedroom/1.5-bath townhouse-style units.
- Walkable, amenity-rich location filled with culture, with resident events like the weekly farmers market, the Lunar New Year festival, and more.
Property Facts
| No. Units | 47 | Building Size | 40,058 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1962 |
| Building Class | C | Parking Ratio | 1.77/1,000 SF |
| Lot Size | 1.27 AC | ||
| Zoning | MPR3* - Residential | ||
| No. Units | 47 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.27 AC |
| Building Size | 40,058 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 1.77/1,000 SF |
| Zoning | MPR3* - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Kitchen
- Tub/Shower
Site Amenities
- Courtyard
- Laundry Facilities
- Pool
- Property Manager on Site
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 23 | $1,573 | 900 |
| 2+1 | 16 | $2,030 | 1,000 - 1,050 |
| 2+1.5 | 8 | $2,000 | 1,050 - 1,100 |
Property Taxes
| Parcel Number | 5252-004-058 | Improvements Assessment | $6,855,000 |
| Land Assessment | $4,000,000 | Total Assessment | $10,855,000 |
Property Taxes
Parcel Number
5252-004-058
Land Assessment
$4,000,000
Improvements Assessment
$6,855,000
Total Assessment
$10,855,000
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