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 / Apartment Rental Agency
Property Details for 654 Lucille Ave
- Year built
- 1985
- Construction
- WOOD
- Lot size
- 1.28 lot acres
- Property size
- 30,208 SF
- Zone code
- R3TWR
- Property type
- Apartment buildings
- APN
- 083-240-46S
- APU
- 08324046S
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 Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,775,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $2,355,000
- 6.5%
- $2,355,000
- 7%
- $2,190,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,710,000
- Geo Method
- $2,780,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,795,000
- Retail
- $2,465,000
- Mixed-Use
- $2,460,000
- Hospitality
- $2,430,000
- Educational
- $2,390,000
- Residential Income
- $2,725,000
- Energy
- $2,595,000
- Income-Based Land
- $2,950,000
- Food Service
- $2,270,000
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
