Dos Palos, CA 93620,1817 Lucerne AVE
$2,250,000
$2,400,000
6.3%
Est.Price: ?

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0.26 Acres Lot

1817 Lucerne AVE Dos Palos, CA 93620

Est. payment /mo
SOLD DATE : 10/13/2021

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Key Details

Sold Price $2,250,000

Property Type Multi-Family

Sub Type 5 or More Units

Listing Status Sold

Purchase Type For Sale

MLS Listing ID 221035367

Sold Date 10/13/21

HOA Y/N No

Originating Board MLS Metrolist

Year Built 1960

Lot Size 0.264 Acres

Acres 0.2643

Property Description

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).

Location

State CA

County Merced

Area 20414

Direction South on HWY 33, left onto Valeria St. (East), then a Left onto Lucerne Ave. (North), the property is on your right hand side.

Interior

Heating Wall Furnace

Cooling Wall Unit(s)

Flooring Carpet, Tile, Laminate, Vinyl, Linoleum

Laundry Coin Operated, Washer/Dryer Hookups

Exterior

Parking Features Off Street, Carport, Covered

Utilities Available Electric, Cable Available, City, Natural Gas Connected

Water Access Desc Public

Total Parking Spaces 34

Building

Lot Description Curb(s), Shape Regular, Curbs/Gutters, Sidewalk

Story 2

Foundation Raised, Slab

Sewer Public Sewer

Water Public

Schools

Elementary Schools Dos Palos Ora-Loma

Middle Schools Dos Palos Ora-Loma

High Schools Dos Palos Ora-Loma

School District Merced

Others

Senior Community No

Tax ID 012-262-005-000

Special Listing Condition None

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MetroList® Services, Inc (RESO)
Listed by PCG Commercial, Inc
Bought with Non-MLS Office

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Leopoldo Ramos

Agent | License ID: 02060913

+1(209) 988-2423

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