654 Lucille AveCoalinga, CA 93210

Property Details for 654 Lucille Ave

Year built

1985

Construction

WOOD

Lot size

1.28 AC

Property size (Sq ft)

30,208 SF

Zone code

R3TWR

Property type

Residential income properties

Property subtype

Other 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.

• CAP approach

  CAP return

  Valuation

  6%

  $5,310,270

  6.5%

  $4,901,788

  7%

  $4,551,660

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,217,555

  Geo Method

  $13,059,236

• Alternative Use

  Use

  Valuation

  Residential

  $4,901,788

  Hospitality

  $4,490,012

  Educational

  $3,735,637

  Medical

  $3,864,112

  Retail

  $5,810,991

Location Insight

City

Coalinga

County

Fresno

State

California

Latitude

36.1296

Longitude

-120.372

CBSA code

23420

CBSA name

FRESNO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].