661 W Riggin St, Monterey Park, CA 91754

May 13

Written By Jake Glaser

Monterey Park Triplex | Owner-User Deal w/ Vacant 2-Bed | No Local Rent Control at 3.62% Cap Rate

Sold: $1,267,000

$416,667/Unit

$471.70/SF

3.62% Cap Rate

16.56 GRM

Property Highlights

Beautiful Monterey Park Triplex originally built in 1948
Highest-priced triplex sale in Monterey Park over the past 12 months
Closed above asking price at $1,267,000 with multiple competitive offers generated within one week of listing
Unit mix comprised of (3) 2-bedroom / 1 bathroom units
Property has 1 vacant & renovated 2-bedroom unit on ground floor, ideal for an owner-user buyer
(3) garage spaces with back alley access
Separately metered for gas and electricity
Tent fumigation & subterranean termite remediation completed in January 2026
No local rent control ordinance; Rents can be increased 5% + CPI annually (max 10%)
Vacant garage spot and 3 empty storage sheds provide ideal opportunity to build ADUs
Each unit has an in-unit washer and dryer
New exterior paint within past few years
Copper repipe for all 3 units and main water line replacement in October 2009
Both tenant occupied units (Units 663 & 663 ½) had new water heaters installed (2025)

The Deal Story

The Glaser Group is proud to announce the successful closing of 661 W Riggin Street, the highest-priced triplex sold in Monterey Park over the past 12 months! Built in 1948, the upgraded property features (3) 2-bed/1-bath units, in-unit washer/dryers, a 3-car garage, updated systems, and private storage sheds.

The Seller, an inheritor, turned to The Glaser Group to maximize value and ensure a seamless and stress free exit from their family's long held asset.

Within one week of listing, our team hosted a targeted open house that drew over a dozen prospective buyers, generating multiple list-price offers and created a competitive bidding environment. We leveraged that momentum to close above asking price at $1,267,000, a 3.62% Cap Rate, 16.56 GRM, and $478/SF, with clean terms and minimal contingencies.

The Buyer, a seasoned local investor who owns the adjacent property and additional multifamily assets throughout Monterey Park, recognized the strategic value of adding the neighboring building to his portfolio.

If you're considering a sale or acquisition, contact The Glaser Group at (310) 230-5157.