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1817 Lucerne Avenue

Dos Palos, CA 93620
  • $2,500,000
  • STATUS: Active
  • ON SITE: 60 days
  • MLS #: 221035367
UPDATED: 10 min ago
$2,500,000
  • 0
    BEDS
  • 0.26
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1960
County:
Area:

School Information

Elementary School:
Middle School:
High School:
School District:

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).

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© 2021 MetroList® MLS. All rights reserved. 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. Data last updated 2021-06-14T19:39:39.067. MetroList® MLS Terms of Use. IDX provided by BoomTown.
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1817 Lucerne Avenue Dos Palos, CA 93620

  • Price: $2,500,000
  • Status: Active
  • Updated: 10 min ago
  • MLS #: 221035367
0
Beds
0
Baths
0
½ Baths
0.26
Acres
1960
Built
Neighborhood:
Dos Palos
County:
Merced
Area:
Dos Palos
Elementary School:
Dos Palos Ora-Loma
Middle School:
Dos Palos Ora-Loma
High School:
Dos Palos Ora-Loma
School District:
Merced
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).
Exterior Features

Carport Spaces 0 Construction Materials Stucco Covered Spaces 0 Foundation RaisedSlab Independent Parking Spaces 0 Lot Features Curb(S)Shape RegularCurbs/GuttersSidewalk Num Of Floors 2 Num Of Guest Spaces 0 Open Parking Spaces 0 Parking Features Off StreetCarportCovered Tandem Parking Spaces 0 Total Parking Spaces 34

Interior Features

Cooling Wall Unit(S) Flooring CarpetTileLaminateVinylLinoleum Heating Wall Furnace Laundry Features Coin OperatedWasher/Dryer Hookups Num Of Rooms 0 Num Of Studio Units 0 Num Of1 Bedroom Units 5 Num Of2 Bedroom Units 25 Num Of3 Bedroom Units 0 Num Of4 Bedroom Units 0 Unit1 Approx Sq Ft 700 Unit1 Bedrooms 55 Unit1 Full Baths 1 Unit1 Partial Baths 0 Unit1 Rent 616 Unit1 Rooms 55 Unit2 Approx Sq Ft 0 Unit2 Bedrooms 0 Unit2 Full Baths 0 Unit2 Partial Baths 0 Unit2 Rent 0 Unit2 Rooms 0 Unit3 Approx Sq Ft 0 Unit3 Bedrooms 0 Unit3 Full Baths 0 Unit3 Partial Baths 0 Unit3 Rent 0 Unit3 Rooms 0 Unit4 Approx Sq Ft 0 Unit4 Bedrooms 0 Unit4 Full Baths 0 Unit4 Partial Baths 0 Unit4 Rent 0 Unit4 Rooms 0

Property Features

1 Bedroom Annual Occupancy 0 2 Bedroom Annual Occupancy 0 3 Bedroom Annual Occupancy 0 4 Bedroom Annual Occupancy 0 Association Fee 0 Association YN No Electric 220 Volts Elevation 0 Income Includes Rent OnlyLaundry Irrigation None Lease Deposit 0 Num Of Commercial Units 0 Operating Expense Includes Property TaxElectricityRepairsGasInsuranceTrashMaintenance GroundsUtilitiesMaintenance StructureVacancy AllowanceWater/SewerParking Property Subtype 5 Or More Units Property Type Residential Income Sewer Public Sewer Special Listing Conditions None Studio Annual Occupancy 0 Subtype Description ApartmentsGarden Apartments Tenant Pays ElectricityGas Utilities All ElectricNatural Gas ConnectedCable AvailableCity Water Source Public Zoning Apartments

Listing provided courtesy of Pcg Commercial, Inc. Listing information © 2021 MetroList Services, Inc.


© 2021 MetroList® MLS. All rights reserved. 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. Data last updated 2021-06-14T19:39:39.067. MetroList® MLS Terms of Use. IDX provided by BoomTown.
 
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548 Gibson Dr #200
Roseville CA, 95678