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 (20%+) 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, ease of 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).
Property Details
Property Features
Property Information:
Year Built: 1962
Stories: 2
Listing Office:
Office Name: Lotus Property Services, Inc.
Office Phone: (626) 582-8001
Listing Agent: Brian Gordon
Exterior Features
Exterior Information:
Private Pool: No
Parking Information:
Parking: Covered, Gated, Tandem
Lot Features
Lot Information:
Lot: Garden, Landscaped
Lot Size: 1.27 Acres
School Info
Assigned Schools Information:
Mark Keppel High School, Public District Grades 9-12
Brightwood Elementary School, Public District Grades KG-8
Other
Directions Information:
Directions: Off I-10W Follow S Fremont Ave and Monterey Pass Rd to Ridgecrest St
Price Information
Listing Price Info
Price Summary:
List Price: $13,850,000
Tax Information:
Annual Amount: $26,837
Tax Year: 2021
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Housing Market Comparison
See how this home compares to others in Monterey Park, CA.
This property is $12.9M more than the Median Sold Price in Monterey Park, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #AR23075938
Listing Office:
Office Name: Lotus Property Services, Inc.
Office Phone: (626) 582-8001
Listing Agent: Brian Gordon
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. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 4/28/2024, 9:25:18 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$26,837
$1,241,534
2020
$26,120
$1,224,034
2019
$25,154
$1,200,034
2018
$24,805
$1,176,504
2017
$24,805
$1,153,436
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
Middle School
8
/10
Brightwood Elementary School
1701 Brightwood St
Distance between this listing and this school0.45 miles
Public District Grades KG-8
High School
9
/10
Mark Keppel High School
501 E Hellman Ave
Distance between this listing and this school3.10 miles
Public District Grades 9-12
Nearby Schools
6
/10
Morris K. Hamasaki Elementary School
4865 E 1st St
Distance between this listing and this school0.60 miles
Public District Grades KG-6
10
/10
Kipp Iluminar Academy
4856 E 1st St
Distance between this listing and this school0.62 miles
Public Charter Grades KG-4
8
/10
Robert Hill Lane Elementary School
1500 Cesar Chavez Ave
Distance between this listing and this school0.64 miles
Public District Grades KG-6
Assigned Schools
8
/10
Brightwood Elementary School
1701 Brightwood St
Distance between this listing and this school0.45 miles
Public District Grades KG-8
Nearby Schools
5
/10
Brooklyn Avenue Elementary School
4620 E Cesar E Chavez Ave
Distance between this listing and this school0.46 miles
Public District Grades KG-8
9
/10
Kipp Sol Academy
4545 Dozier Ave
Distance between this listing and this school0.49 miles
Public Charter Grades 5-8
Assigned Schools
9
/10
Mark Keppel High School
501 E Hellman Ave
Distance between this listing and this school3.10 miles
Public District Grades 9-12
Nearby Schools
2
/10
Hilda L. Solis Learning Academy School of Tech, Business And
319 N Humphreys Ave
Distance between this listing and this school0.77 miles
Public District Grades 9-12
2
/10
East Los Angeles Performing Arts Academy at Esteban E. Torres High School
4211 Dozier St
Distance between this listing and this school0.88 miles
The neighbors living near this home have an average income of $62,963. The most common annual income of people living in Monterey Park, CA is between $35k-100k. Typical family type is single, no kids. Typical level of education for residents in this area is post secondary degree.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 1499 Ridgecrest St
What is the listing price of this property?
The listing price of 1499 Ridgecrest St property is $13,850,000.
What type of property is this?
The property 1499 Ridgecrest St is a condo located in Monterey Park, California, 91754.
Is this property for sale now?
Active Listing: 1499 Ridgecrest St is For Sale (Active/New) which means the seller is accepting offers.
What are the assigned schools for this property?
The assigned schools for 1499 Ridgecrest St are: Brightwood Elementary School: GreatSchools Rating 8/10Mark Keppel High School: GreatSchools Rating 9/10
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $26,837 (source: MLS/based on county public records data).
Which year was this property built?
The year of construction for 1499 Ridgecrest St is 1962.
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This home is located at 1499 Ridgecrest St in Monterey Park, CA and zip code 91754 in the The San Gabriel Valley neighborhood. This home, which was built in 1962, sits on a 1.27 acre lot. It has been listed on Rocket Homes since May 06, 2023 and is currently priced at $13,850,000.
Monterey Park, CA housing market in March 2024 saw over 13 listings sold above listed price, more than 2 sold at listed price and over 8 sold below. The number of homes for sale in Monterey Park, CA decreased by 5.6% between February 2024 and March 2024. The median list price of listings available in March 2024 was $858,000, while the average time on the real estate market was 25 days.
From Rocket Homes Real Estate and based on county public records data.
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. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
Live Theatre
Live Theatre
Hiking/backpacking
Men's Tennis
Bloomingdales
Nordstrom Rack
Crate & Barrel
Boston Market
Starbucks
The Cheesecake Factory
Mercedes
Audi
Volvo
News
Alternative
Jazz