Address
1817 Lucerne Ave Dos Palos, CA
Price
$ 2,500,000
Property Attributes
  • MLS#221035367
  • TypeIncome
  • CountyMERCED
  • CityDos Palos
  • Area20414
  • Zip93620
  • Style
  • Price$ 2,500,000
  • Bedrooms55
  • Full Bathrooms1
  • Half Bathrooms0
  • Lot Size11,513 SqFt
Listing Provided Courtesy Of:
Adrian del Rio CalBRE# - 01431059 with PCG Commercial, Inc
Data Source:
California Metrolist Inc
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).

Price History
4/15/2021 Listed $2,500,000

General Features

Association Y/N No
Construction Materials Stucco
Cooling Wall Unit(s)
Electric 220 Volts
Elementary School District Dos Palos Ora-Loma
Flooring Carpet, Tile, Laminate, Vinyl, Linoleum
Heating Wall Furnace
High School District Dos Palos Ora-Loma
MLS Area 20414
Parking Features Off Street, Carport, Covered
Property SubType 5 or More Units
Property Type Residential Income
School District (county) Merced
Sewer Public Sewer
Status Active
Subtype Description Apartments, Garden Apartments
Total Units 30
Zoning Description Apartments

Interior Features

Floors 2
Laundry Features Coin Operated, Washer/Dryer Hookups
Total Stories 2
Unit 1 # Of Rooms 55
Unit 1 Approx Sqft 700
Unit 1 Bedroom Units Total 5
Unit 1 Bedrooms 55
Unit 1 Full Baths 1
Unit 1 Rent 616
Unit 1 Sqft Source Not Measured
Unit 2 Bedroom Units Total 25

Exterior Features

Foundation Details Raised, Slab
Lot Features Curb(s), Shape Regular, Curbs/Gutters, Sidewalk
Lot Size Acres 0.2643
Lot Size Source Assessor Auto-Fill
Lot Size Square Feet 11513
Number of Buildings 7
Total Parking 34
Water Source Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Income Average in 93620

Price
AVG $1.67M
$2.5M
Visits
AVG 85
70
Year Built
AVG 1960
1960
Walkscore
AVG 35
66
Data Provided by Walkscore ® not using MLS data

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