654 Lucille Ave, Coalinga, CA 93210-2534
- Apartment buildings
- 30,208 SF
- 1.28 lot acres
Current Use by Public Records
- Elmtree Estates Rentals in Coalinga / Real Estate Agency
Property Details for 654 Lucille Ave
- Year built
- 1985
- Construction
- WOOD
- Lot size
- 1.28 lot acres
- Zone code
- R3TWR
- Property type
- Apartment buildings
- APN
- 083-240-46S
- APU
- 08324046S
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jun 30, 2025 | $3,725,000 | Arreguin Properties L L C | Tm Farms LLC | Grant Deed | $2.4M · Tri Counties Bank |
| May 5, 2020 | $2,400,000 | Tm Farms LLC | Corbo Brothers Investment Group LLC | Grant Deed | $1.7M · Citizens Business Bank |
| Feb 8, 2012 | $1,150,000 | Corbo Brothers Invs Group LLC | Inmar Investments LLC | Grant Deed | — |
| Oct 4, 2007 | $2,225,000 | Alan & Luz Investors LLC | Spragg Trust | Grant Deed | $2.2M · Spragg Trust |
| Sep 7, 2007 | — | Roy A Spragg | Roy A Spragg | Intrafamily Transfer · related | $1.1M · Washington Mutual Bank |
| Apr 22, 2005 | $1,784,000 | Roy A Spragg | Maciel,carl & Aida | Grant Deed | $1.1M · Imperial Capital Bank |
| May 6, 1998 | $721,000 | Carl Maciel | Washington Mutual Fsb | Grant Deed | $577k · Washington Mutual Fsb |
| Aug 14, 1997 | $1,375,200 | Great Western Bank | Aluisi,julius | Trustees Deed · related | — |
| Mar 11, 1996 | $846,881 | Great Western Bank | Lambeth,verlin C & Mary K | Trustees Deed · related | — |
Description
This exceptional investment opportunity presents a 32-unit apartment building in Coalinga, CA, boasting a 7.66% cap rate and 100% occupancy. The property, known as Elm Tree Estates, comprises four, two-story buildings totaling 34,000 square feet on a 1.28-acre lot. Built in 1985 and extensively renovated in 2023, the complex features a new roof, gutters, boiler, and HVAC systems, representing a $407,000 investment in upgrades. Exterior paint is also new, and new landscaping is underway. Each of the 32 units includes refrigerators, ovens/stoves, garbage disposals, and ceiling fans. Bathrooms and kitchens have vinyl or ceramic tile flooring, while living areas feature wall-to-wall carpeting. Community amenities include a large BBQ area with shade and seating, a playground, and a common laundry room equipped with three new washers and dryers. The property benefits from its location off Elm Avenue, approximately four miles from a state prison and state hospital, in a town with a 0% vacancy rate and growing waiting lists. The R-3TWR zoning allows for multifamily use. The asking price is $3,911,677, or $122,239.91 per unit. The property's substantial recent renovations, high occupancy rate, and strong rental income make it an attractive investment. All units are currently under RUBS (Rent Utility Billing System) with no pushback from tenants. The owner has successfully increased rents by 9% annually. The property offers unobstructed hill views on three sides, with single-family homes to the north. The wood-frame buildings have wood siding exteriors and a gabled composition asphalt shingle roof.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,775,000
- ML approach
- $2,740,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $3,186,000
- AI Estimate
- $2,873,000
Market price range: $2.53M - $3.59MMarket price range: $1.84M - $3.74M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $3,110,000 Current use
- AUTO REPAIR, GARAGE
- $4,435,000 Change: +43% Conversion: Difficult
- RETAIL STORES
- $3,250,000 Change: +5% Conversion: Difficult
- INDUSTRIAL (GENERAL)
- $3,220,000 Change: +3% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Coalinga
- County
- Fresno
- State
- California
- Longitude
- -120.372
- Latitude
- 36.1296
- CBSA code
- 23420
- CBSA name
- FRESNO, CA METROPOLITAN STATISTICAL AREA
