NOT LISTED FOR SALE

1817 Lucerne Ave Dos Palos, CA 93620

55 Beds
1 Bath
700 Sq Ft
0.26 Acres

Last Sold October 01, 2021

Last sale price $2,250,000 $3,214 Per Sq Ft

96 Days on Market

About This Home

As of October 2021

Lucerne Palm Apartments is an excellent opportunity to acquire a stabilized community with huge value-add upside in obtaining loss to market rent. Rents in the area are at least $125 or greater from the average rental per unit type at the subject property indicating a potential increase in additional gross income equal to +/-$45,000 plus potential laundry income from each building. This upside in rents is obtainable if units were to vacate without significant renovations just mainly through renter demand. Another potential strategy is to sell each building parcel consisting of less units for a higher price per unit since the community is situated on (3) separate adjoining parcels. In addition, there's an opportunity to charge the tenants for RUBS utility reimbursements. Lucerne Palm Apartments is a total of 30 (thirty) units comprised of (5) - 1 Bed / 1 Bath units plus (25) - 2 Bed / 1 Bath units. Each building has its own laundry facility (currently not operating).

Last Agent to Sell the Property

Adrian Del Rio

PCG Commercial, Inc License #01431059 Listed on: 04/14/2021

Last Buyer's Agent

Non-MLS Member

Non-MLS Office

Property Details

Home Type

Multi-Family

Year Built

1960

Lot Details

0

Listing Details

  • Property Type: ResidentialIncome
  • Subtype Description: Apartments,Garden Apartments
  • Property Sub Type: 5 or More Units
  • Number of One Bedroom Units: 5
  • Number of Two Bedroom Units: 25
  • CapRate: 5.02
  • Directions: South on HWY 33, left onto Valeria St. (East), then a Left onto Lucerne Ave. (North), the property is on your right hand side.
  • Building Stories: 2
  • Special Features: None
  • Stories: 2
  • Year Built: 1960

Interior Features

  • Price Per Square Foot: 100.87
  • Flooring: Carpet, Tile, Laminate, Vinyl, Linoleum
  • Number Of Buildings: 7
  • Stories: 2

Exterior Features

  • Foundation Details: Raised, Slab
  • Construction Type: Stucco
  • Lot Features: Curb(s), Shape Regular, Curbs/Gutters, Sidewalk

Garage/Parking

  • Parking Features: Off Street, Carport, Covered
  • Total Parking Spaces: 34

Utilities

  • Cooling: Wall Unit(s)
  • Heating: Wall Furnace
  • Electric: 220 Volts
  • Laundry Features: Coin Operated, Washer/Dryer Hookups
  • Security: Carbon Mon Detector, Double Strapped Water Heater, Fire Extinguisher, Smoke Detector
  • Sewer: Public Sewer
  • Utilities: All Electric, Natural Gas Connected, Cable Available, City
  • Water Source: Public

Condo/Co-op/Association

  • Association: No

Schools

  • Junior High Dist: Dos Palos Ora-Loma

Lot Info

  • Lot Size Sq Ft: 11513
  • Zoning Description: Apartments

Rental Info

  • Total # Leasable: 30
  • Tenant Pays: Electricity, Gas

Tax Info

  • Bonds/Assessments/Taxes: Unknown

Multi Family

  • Annual Gross Income: 235536
  • Income Includes: Rent Only,Laundry
  • Insurance Expense: 6500
  • Maintenance Expense: 24000
  • Property Net Operating Income: 125541
  • Number Of Units Leased: 30
  • Number of Month to Month Units: 28
  • Number Of Units Total: 30

MLS Schools

  • School District (County): Merced

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
10/01/2021 10/01/21 Sold $2,250,000 -10.0% $3,214 / Sq Ft
07/19/2021 07/19/21 Pending -- -- --
04/14/2021 04/14/21 For Sale $2,500,000 -- $3,571 / Sq Ft
Source: MetroList

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Adrian Del Rio

    Seller's Agent in 2021

    Adrian Del Rio

    PCG Commercial, Inc

    (615) 626-6426

    1 in this area

    20 Total Sales

    Adrian Del Rio
    Section Image

  • N

    Buyer's Agent in 2021

    Non-MLS Member

    Non-MLS Office

See All Agents

Map

Source: MetroList

MLS Number: 221035367

MetroList
California Merced County Dos Palos 93620

1817 Lucerne Ave, Dos Palos, CA

This home is located at 1817 Lucerne Ave, Dos Palos, CA 93620 since 14 April 2021. This property was built in 1960. 1817 Lucerne Ave is a home located in Merced County with nearby schools including Bernhard Marks Elementary School, Dos Palos Elementary School, and Bryant Middle School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

MetroList IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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