Listing ID: OC22141756
Price: $3,500,000
Status: ACTIVE
Address: 402 Corto Lane
City: San Clemente
State: California
Postal Code: 92672
SqFt: 4,485
Acres: 0.103
County: Orange
San Clemente
CA
92672
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.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.

Primary Features

County: Orange
Property Type: 2-4 Units
Zoning: Assessor

Interior

Levels: 2 Story
Unit 1 Number of Bedrooms: 2
Unit 1 Number Total Baths: 2
Unit 2 Number of Bedrooms: 2
Unit 2 Number Total Baths: 1
Unit 3 Number Bedrooms: 3
Unit 3 Number Total Baths: 2
Unit 4 Number of Bedrooms: 3
Unit 4 Number Total Baths: 2
Unit Number for Unit 1: 1
Unit Number for Unit 2: 2
Unit Number for Unit 3: 3
Unit Number for Unit 4: 4

External

Entry Only: no
Lot Size: 4,000-7,499 SF
Number of Buildings: 1
Number of Units: 4
Number of Units w/Patios: 4
Number of Units w/Range/Oven: 4
Number of Units w/Washers: 4
Pool: N/K
Site: Curbs, Sidewalks
Spa: N/K

Location

Topography: Level
Zip/Area: OC - SAN CLEMENTE (92672)

Additional

Property Type: 2-4 UNITS
Supplement: 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.

Financial

Annual Expense Actual: 6837
Cap Rate Actual: 2.6
CFD/Mello-Roos Fee Reflct: Year
Gross Rent Multiplier Act: 28.1
Gross Scheduled Income Actual: 98355
Possession: Close of Escrow
Sale/Rent: For Sale
Terms: Cash, Conventional, VA
Unit 1 Rent Actual: 1900
Unit 2 Rent Actual: 1800
Unit 3 Rent Actual: 2550
Unit 4 Rent Actual: 1900

Zoning Info


Area Info


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Listing courtesy of Pacific Sotheby's Int'l Realty

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