661 W Riggin St, Monterey Park, CA 91754

Jan 1

Written By Jake Glaser

Monterey Park Triplex | Owner-User Deal w/ Vacant 2-Bed | No Local Rent Control & ADU Potential

Download Offering Memorandum

$1,250,000

$416,667/Unit

$471.70/SF

3.62% Cap Rate

16.56 GRM

Property Highlights

Beautiful Monterey Park Triplex originally built in 1948
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 (per city permit records, Buyer to verify)
Both tenant occupied units (Units 663 & 663 ½) had new water heaters installed (2025)

The Opportunity

The Glaser Group is pleased to present 661 W Riggin Street, a well-maintained triplex located in the highly desirable city of Monterey Park. Originally built in 1948, the property offers investors and owner-users the opportunity to acquire a stable income-producing assetin one of the San Gabriel Valley’s most sought-after rental markets. With one unit currently vacant, the property is ideally suited for an owner-user.

The property features a unit mix of (3) 2-bedroom, 1-bathroom units. The vacant unit allows for immediate occupancy while generating income from the remaining units. The property includes a 3-car garage with one vacant parking space available for a new tenant or owner. Additionally, each unit has their own private storage shed. Each unit is separately metered for gas and electricity, and has in-unit washer and dryers.

Recent capital improvements enhance both the condition and long-term reliability of the asset. The building completed tent fumigation and subterranean termite remediation in January 2026. Additional upgrades include new exterior paint within the past few years, a full copper re-pipe for all units, and replacement of the main water line in October 2009 per city permit records. Two of the three water heaters were also replaced in 2025. The existing 3-car garage presents a potential opportunity for ADU construction, offering further upside for future ownership.

The property is not subject to local rent control, allowing for annual rent increases of 5% plus CPI, providing flexibility for long-term income growth. Current rents are approximately 24% below market, presenting clear upside potential.

The property benefits from an excellent location near Vincent Price Art Museum and in close proximity to East Los Angeles College and California State University campuses, creating strong rental demand from students and faculty. Residents also enjoy convenient access to nearby retail, dining, and grocery options, along with easy connectivity to the CA-60 Freeway for commuters traveling throughout the greater Los Angeles area.