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Matt O'Brien

matt@homecrave.com +1(619) 302-3010

$ 4,050,000

Est. payment | -/mo

42 Beds

62 Baths

6,148 SqFt

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$ 4,050,000

Est. payment | -/mo

Save Virtual Tour

42 Beds

62 Baths

6,148 SqFt

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

Listed by Thomas McCartin, DRE#01427348 Marcus & Millichap

NEARBY SCHOOL & BUSINESS

+1(619) 302-3010

matt@homecrave.com

San Diego, CA 92124

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317 Avenida Monterey San Clemente, CA 92672