NOT LISTED FOR SALE

1817 Lucerne Ave Dos Palos, CA 93620

Dos Palos Area
55 Beds
1 Bath
700 Sq Ft
0.26 Acre Lot

Sale Details

Date Sold: October 1, 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

0.26 Acres

Listing Details

  • Property Type: ResidentialIncome
  • Subtype Description: Apartments,Garden Apartments
  • Property Sub Type: 5 or More Units
  • 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

Ownership History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Listed on
Apr 14, 2021
Closed on
Sep 22, 2021
Sold by
Bought by
Seller's Agent
Adrian Del Rio
PCG Commercial, Inc
Buyer's Agent
Non-MLS Member
Non-MLS Office
List Price
$2,500,000
Sold Price
$2,250,000
Premium/Discount to List
-$250,000
-10%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,375,000
Interest Rate
0.028%
Mortgage Type
Commercial

Purchase Details

Closed on
Oct 23, 2020
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$990,000
Interest Rate
0.028%
Mortgage Type
New Conventional

Purchase Details

Closed on
Oct 21, 2020
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$990,000
Interest Rate
0.028%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jul 10, 2014
Sold by
Bought by

Purchase Details

Closed on
Jan 7, 2013
Sold by
Bought by

Purchase Details

Closed on
Aug 23, 2011
Sold by
Bought by

Purchase Details

Closed on
Aug 8, 2011
Sold by
Bought by

Purchase Details

Closed on
May 9, 2001
Sold by
Bought by
Source: Public Records
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
$2,250,000 Stewart Title Of Ca Inc
-- First American Title
$1,500,000 First American Title
-- None Available
-- Fidelity National Title Comp
-- Fidelity National Title Comp
$200,001 Fidelity Title Company
-- Old Republic Title Company
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Open $1,375,000
Previous Owner $990,000
Previous Owner $120,000
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
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

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $6,639 $655,442 $63,672 $591,770
2024 $6,647 $642,926 $62,424 $580,502
2023 $6,422 $630,100 $61,200 $568,900
2022 $6,145 $617,800 $60,000 $557,800
2021 $4,254 $417,850 $50,000 $367,850
2020 $3,458 $339,287 $39,789 $299,498
2019 $3,398 $332,690 $39,009 $293,681
2018 $3,320 $326,223 $38,245 $287,978
2017 $3,254 $319,883 $37,496 $282,387
2016 $3,201 $313,666 $36,761 $276,905
2015 $3,162 $308,997 $36,209 $272,788
2014 $1,972 $192,355 $22,541 $169,814
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

    10 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

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