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Jerrod Waller

jwaller@sdrealtyco.com +1(858) 822-8634

$4,050,000

Est. payment - /mo

42 Beds

62 Baths

6,148 SqFt

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Key Details

Property Type Multi-Family

Sub Type Com-Res Income

Listing Status Active

Purchase Type For Sale

Square Footage 6,148 sqft

Price per Sqft $658

MLS Listing ID 260017077

Bedrooms 42

Full Baths 62

Lot Size 9,147 Sqft

Property Sub-Type Com-Res Income

Property Description

Major Price Improvement. Available is an amazing opportunity to own a garden style apartment complex located in the beautiful coastal city of San Clemente, California. 317 Avenida Monterey is situated less than 1/2 mile to the Pacific ocean and the San Clemente Pier. Long term ownership has done a wonderful job maintaining the property inside and out during their long tenure which includes recent updates to 6 of the 7 units. A new buyer should be able to capture significant upside with further upgrades and improving the curb appeal. Nearby renovated units are achieving market rents that are roughly 40% higher than the subject property. 2 units currently occupied by the sellers will be available and delivered vacant at the close of escrow. In addition, a new owner might consider transforming some of the units into short-term rentals where average nightly rates for 2BR units are around $450. Tenants enjoy 2 parking spaces per unit, a laundry room, a large courtyard, and a balcony with peak ocean views. 317 Avenida Monterey is situated in the “Pier Bowl Area” which is an active, pedestrian oriented coastal center serving residents and tourists. The property has a walk Score of 84/100 (Very Walkable). Tenants enjoy the central location offering several restaurants, bars, markets as well as several public transportation lines. A short 8 Minute Walk in either direction to the San Clemente Pier as well as the shops, bars & restaurants along Avenida Del Mar which is considered the main Retail Corridor in San Clemente.

Location

State CA

County Orange

Interior

Cooling None

Fireplace No

Exterior

Carport Spaces 7

View Y/N No

Total Parking Spaces 14

Building

Story 2

Others

Senior Community No

Tax ID 69204307

Virtual Tour https://www.propertypanorama.com/instaview/snd/260017077

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Listed by Thomas McCartin, DRE#01427348 Marcus & Millichap

NEARBY SCHOOL & BUSINESS

“If you're looking for a dedicated and knowledgeable real estate professional who will go above and beyond to help you achieve your goals, I'm here to serve you. Contact me today to learn more about how he can assist you with all your real estate needs.”

+1(858) 822-8634

jwaller@sdrealtyco.com

3555 5th Avenue 3rd Floor, San Diego, CA 92103

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317 Avenida Monterey San Clemente, CA 92672