Listing ID: OC22141756
Price: $3,500,000
Price/SqFt: $810.19
Status: Active Under Contract
Address: 402 Corto Lane
City: San Clemente
State: California
Postal Code: 92672
SqFt: 4,320
Acres: 0.103
County: Orange
Subdivision: Other (OTHR)
San Clemente
CA
92672
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.

Primary Features

County: Orange
Price/SqFt: 810.19
Property Sub Type: Apartment
Property Type: Residential Income
Subdivision: Other (OTHR)
Year Built: 1964

Interior

Appliances: yes
Appliances: Dishwasher, Gas Range, Microwave, Range Hood, Water Line to Refrigerator
Building Area Units: Square Feet
Common Walls: 2+ Common Walls
Flooring: Carpet, Tile, Wood
Inclusions: Floor Plans are in the Supplements
Interior Features: Built-in Features, Granite Counters, High Ceilings, Open Floorplan, Recessed Lighting
Laundry: yes
Laundry Features: Community
Levels: Two
Number With Dishwasher: 4
Number With Disposal: 4
Number With Patio: 4
Number With Range: 4
Room Type: Entry, Family Room, Kitchen, Master Bathroom, Master Bedroom
Spa: no
Spa Features: None

External

Carport Spaces: 4
Door Features: Panel Doors
Lot Features: Back Yard, Landscaped, Level with Street, Walkstreet, Yard
Lot Size Area: 4485
Lot Size Source: Assessor
Lot Size Square Feet: 4485
Number Of Buildings: 1
Parking: yes
Parking Features: Carport
Parking Total: 8
Pool Features: None
Private Pool: no
Property Attached: yes
Road Frontage Type: City Street
Road Surface Type: Paved
Roof: Spanish Tile
Sewer: Public Sewer
Uncovered Spaces: 4
View: yes
View Type: Neighborhood, Panoramic
Water Source: Public
Window Features: Blinds, Screens

Location

Country: US
Elevation Units: Feet
MLS Area Major: SC - San Clemente Central
Subdivision Name Other: Central

Additional

Association: no
Community Features: Biking, Curbs, Gutters, Sidewalks, Storm Drains
Days On Market: 6
List Agent State License: 01176379
List Office State License: 01767484
Lot Size Units: Square Feet
New Construction: no
Number Of Separate Electric Meters: 5
Number Of Separate Gas Meters: 5
Number Of Separate Water Meters: 1
Number Of Units Leased: 4
Number Of Units Total: 4
Parcel Number: 69201223
Security Features: Fire and Smoke Detection System, Smoke Detector(s)
Senior Community: no
Utilities: Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Year Built Source: Assessor

Financial

Cap Rate: 2.6
Electric Expense: 206
Gross Multiplier: 28.1
Gross Operating Income: 98355
Gross Scheduled Income: 98355
Insurance Expense: 3017
Land Lease: no
Laundry Equipment Own Lease: Own
Laundry Income: 555
Net Operating Income: 91518
New Taxes Expense: 35000
Operating Expense: 6837
Other Income Description: 555
Price Per Unit: 875000
Rent Control: yes
Special Listing Conditions: Standard
Tax Lot: 22
Tax Tract Number: 784
Tenant Pays: All Utilities
Total Actual Rent: 97800
Total Expenses: 6837
Trash Expense: 1092
Water Sewer Expense: 2522

Zoning Info


Area Info


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Based on information from CARETS as of Thursday, August 11th, 2022 07:43:57 AM. The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

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Listing Agent: Doug Echelberger, DRE #01176379 from Pacific Sotheby's Int'l Realty 949-498-7711
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Listing Agent: Doug Echelberger, DRE #01176379 from Pacific Sotheby's Int'l Realty 949-498-7711
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Listing Agent: Doug Echelberger, DRE #01176379 from Pacific Sotheby's Int'l Realty 949-498-7711

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