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1817 Lucerne Avenue $2,500,000

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    1817 Lucerne Avenue Dos Palos, CA 93620

    • 0 Beds
    • 0 Baths
    • Multi-Family
    • MLS# 221035367
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    Views: 69

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    Property Details

    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).

    • General Features
      • Year Built 1960
      • Property Subtype 5 or More Units
      • County Merced
      • Association Fee $0
      • Association No
    • Building Features
      • Carport Spaces 0
      • Construction Materials Stucco
      • Num Commercial Units 0
      • Number of Buildings 7
      • Independent Parking Spaces 0
      • Number of Floors 2
      • Heating Wall Furnace
      • Foundation Raised, Slab
      • Garage Spaces 0
      • Flooring Carpet, Tile, Laminate
      • Electric 220 Volts
      • Covered Spaces 0
      • Cooling Wall Unit(s)
      • Parking Features Carport
      • Open Parking Spaces 0
      • Number of Studio Units 0
      • Number of Units Total 30
      • Total Parking Spaces 34
      • Stories 2
      • Sewer Public Sewer
      • Number of Guest Spaces 0
      • Tandem Parking Spaces 0
      • Utilities Cable Available
      • Water Source Public
    • Property Features
      • Lot Size Source Assessor Auto-Fill
      • Lot Size Square Feet 11513
      • Lot Size Acres 0.26
    • Schools
      • Senior High School District Dos Palos Ora-Loma
      • School District County Merced
      • Middle or Junior School District Dos Palos Ora-Loma
      • Elementary School District Dos Palos Ora-Loma

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    Neighborhood

    93620 (Dos Palos) Demographics

    30 Median Age
    55 Population Density (per sq. mile)
    13% College Educated
    $36,937 Estimated Median Income
    1,682 Estimated Total Home Owners
    1,111 Estimated Total Renters
    60% / 40% Estimated Owner / Renter Divide
    4 Estimated Average Household Size
    9,591 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $0 Median Sales Price
    0 Homes Sold
    8 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- Current Price Source New Value: $2,500,000
        4/14/2021 8:07:00 PM New in Database Source New Value: $2,500,000

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        **Assumes 3.5% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.
        Information is provided in part by the IDX program of METROLIST SERVICES, INC. All information provided is deemed reliable but is not guaranteed and should be independently verified. Listing information last updated 5/8/2021 11:06:07 PM. All measurements and all calculations of area are approximate. Information provided by Seller/Other sources, not verified by Broker. All interested persons should independently verify accuracy of information. Provided properties may or may not be listed by the office/agent presenting the information. Terms of Use

        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.