$2,250,000
$2,400,000
6.3%For more information regarding the value of a property, please contact us for a free consultation.
0.26 Acres Lot
SOLD DATE : 10/13/2021
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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Bought with Non-MLS Office
bobandrobyn@thebrokerage360.com
2012 Elvenden Way, Roseville, CA, 95661, United States