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402 Corto Lane

San Clemente, CA 92672
  • $3,500,000
  • STATUS: Active Under Contract
  • ON SITE: 13 Days
  • ID#: OC22141756
Under Contract
UPDATED: 65 min ago
$3,500,000
  • 0
    BEDS
  • 0.1
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1964
County:

School Ratings & Info

Listing Agent(s): Doug Echelberger of Pacific Sotheby's Int'l Realty (949-498-7711)


Description

Rare 4-plex opportunity in San Clementes 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 thats 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 owners 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 Clementes 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.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-16T19:32:31.08. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Bathurst Coastal Properties | Compass. Licensed in the State of California, USA.
www.livelovebeachcities.com/homes/131532262
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402 Corto Lane San Clemente, CA 92672

  • Price: $3,500,000
  • Status: Active Under Contract
  • On Site: 13 Days
  • Updated: 65 min ago
  • ID#: OC22141756
0
Beds
0
Baths
0
½ Baths
0.1
Acres
1964
Built
Neighborhood:
Other (Othr)
County:
Orange
Area:
SC - San Clemente Central
Property Description
Rare 4-plex opportunity in San Clementes 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 thats 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 owners 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 Clementes 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.
Exterior Features

Carport Spaces 4 Carport YN Yes Lot Features Back YardLandscapedStreet LevelWalkstreetYard Number Of Separate Electric Meters 5 Open Parking Spaces 4 Parking Features Carport Parking Total 8 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Road Surface Type Paved Roof Spanish Tile Spa Features None Spa YN No View NeighborhoodPanoramic View YN Yes

Interior Features

Appliances DishwasherGas RangeMicrowaveRange HoodWater To Refrigerator Common Walls 2+ Common Walls Door Features Panel Doors Flooring CarpetTileWood Interior Features Built-In FeaturesGranite CountersHigh CeilingsOpen FloorplanRecessed Lighting Window Features BlindsScreens

Property Features

Association Fee 0 Association YN No Cable Tv Expense 0 Cap Rate 2.6 Common Interest Planned Development Community Features BikingCurbsGutter(S)Storm Drain(S)Sidewalks Current Financing Conventional Electric Expense 206 Fuel Expense 0 Garage YN No Gross Income 97200 Gross Scheduled Income 98355 Inclusions Floor Plans Are in The Supplements Insurance Expense 3017 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New LoanConventionalVa Loan Net Operating Income 91518 New Construction YN No New Taxes Expense 35000 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 1 Number Of Units Leased 4 Operating Expense 6837 Possession Close Of Escrow Property Sub Type Apartment Rent Control YN Yes Security Features Fire Detection SystemSmoke Detector(S) Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays All Utilities Total Actual Rent 97800 Trash Expense 1092 Utilities Cable AvailableElectricity ConnectedNatural Gas ConnectedPhone AvailableSewer ConnectedWater Connected Water Sewer Expense 2522 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-16T19:32:31.08. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Bathurst Coastal Properties | Compass. Licensed in the State of California, USA.
 
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Bathurst Coastal Properties | Compass
2141 Rosecrans Ave, Suite 1120
El Segundo CA, 12345
Listing Agent(s): Doug Echelberger of Pacific Sotheby's Int'l Realty (949-498-7711)