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Active Under Contract
402 Corto Lane San Clemente, CA 92672
$3,500,000

Property listed by Pacific Sotheby’s Int’l Realty, Doug Echelberger. IDX Contact: 949-498-7711

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  • David Oronoz

    David Oronoz

    Principal | Multifamily Investments

    DRE# 01838862

  • Bobby Aschtiani

    Bobby Aschtiani

    Principal | Multifamily Investments

    DRE# 02048373

  • Chris Pettit

    Chris Pettit

    Founder

    DRE# 01983950

Property Description

Rare 4-plex opportunity in San Clemente’s Short Term Rental Zone is just 400 yards from surfing breaks in San Clemente. This beach-close four-unit apartment building presents an extraordinary investment opportunity. The building consists of two units that are both 2 bedroom, 2 bath; another unit that’s 2 bedroom, 1 bath, and the largest being 3 bedroom, 2 bath. Open-concept floorplans display dine-in kitchens, spacious living rooms, fully appointed baths, and a covered carport space for each unit. Unit three is the largest and hosts a dining room and primary suite with a sunny balcony. This is the perfect configuration for an owner’s suite inside the 4-plex. The property is located along a cul-de-sac street with direct beach access. Hands down one of the best locations in town to own an income property as you are surrounded by luxury beach property and the building is moments from shops and restaurants on Del Mar, San Clemente’s classic pier, parks, and hiking trails. Within a few minutes you can be at the beach, having dinner on the San Clemente Pier, or shopping downtown. Income numbers are run on the actual rent. Pro Forma rent for a 12 month rental would be Gross Income $142,800 and about a 3.6% cap, projected vacation rental income is approximately $324,000. Projections for Vacation Rental can be provided separately by a third party.

Property Details & Features

Property Type

  • Apartment

Year Built

  • 1964

Lot

  • 4485 sqft
  • 0.103 acres
  • Area: 4485
  • Back Yard
  • Landscaped
  • Street Level
  • Walkstreet
  • Yard

Property Access

  • City Street
  • Paved

Appliances and Equipment

  • Dishwasher
  • Gas Range
  • Microwave
  • Range Hood
  • Water To Refrigerator

House

  • Built in 1964
  • Stories: 2
  • 4320 total building sqft
  • 2+ Common Walls
  • Two

Community

  • Biking
  • Curbs
  • Gutter(s)
  • Storm Drain(s)
  • Sidewalks

Doors

  • Panel Doors

Expenses

  • Electric Expense: $206
  • Insurance Expense: $3,017
  • Operating Expense: $6,837
  • Water Sewer Expense: $2,522

Floors

  • Carpet
  • Tile
  • Wood

Income

  • Gross Income: 97200
  • Gross Scheduled Income: 98355
  • Net Operating Income: 91518

Interior Features

  • Built-in Features
  • Granite Counters
  • High Ceilings
  • Open Floorplan
  • Recessed Lighting

Laundry

  • Common Area

Listing

  • Listing ID: OC22141756
  • Property Subtype: Apartment
  • 6 days on market
  • Listed on 2022-08-02
  • Rent controlled

Location

  • County: Orange
  • Subdivision: Other (OTHR)

Parking

  • Carport
  • 4 carport spaces
  • 4 open parking spaces
  • 8 total parking spaces
  • Carport

Possession

  • Close Of Escrow

Property

  • Single building
  • 4 units
  • Property attached
  • Neighborhood
  • Panoramic

Roof

  • Spanish Tile

Security System

  • Fire Detection System
  • Smoke Detector(s)

Sewer

  • Public Sewer

Taxes

  • New Taxes: $35,000

Tenant Pays

  • All Utilities

Utilities

  • 5 separate electric meters
  • 5 separate gas meters
  • Cable Available
  • Electricity Connected
  • Natural Gas Connected
  • Phone Available
  • Sewer Connected
  • Water Connected

Windows

  • Blinds
  • Screens

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