317 Avenida Monterey — Sale in San Clemente, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: San Clemente, CA 92672

Photos

317 Avenida Monterey — Sale in San Clemente, CA, photo 1 of 2
317 Avenida Monterey — Sale in San Clemente, CA, photo 2 of 2

Investment Figures

Cap rate
3.74%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

The McCartin Group of Marcus & Millichap is pleased to present 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 $350. Tenants enjoy 2 Parking Spaces per Unit, a Laundry Room, a large Courtyard, and a generous sized Balcony with Peak Ocean Views. 317 Avenida Monterey is situated in the "Pier Bowl Area" which is a highly active, pedestrian-oriented coastal center serving residents and tourists. The Founder of San Clemente called the Pier Bowl "The Spanish Village By-The-Sea". 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. Investment Highlights: • All 2BR Units with Balconies. 6 of the 7 are 2 Story Townhouse Style • 6 of 7 units Upgraded in Various Forms over the Past 10 Years • Units 4 & 5 (Currently the Owner's Units) will be delivered Vacant at the Close of Escrow • Tremendous Upside in Rents(40% below Nearby Renovated Units) • Newer

Market Context

This multifamily in San Clemente, CA is listed for sale. It is offered at an approximate 3.7% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in San Clemente, CA — view the full market.

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