3206 Avenida Del Presidente

    San Clemente, CA 92672
    • $8,800,000
    • STATUS: Active Under Contract
    • ON SITE: 48 days
    • ID#: PW18184224
    Under Contract
    UPDATED: 60 min ago
    $8,800,000
    • 0
      BEDS
    • 0.53
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 18,558
      SQFT
    • $474
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1987
    County:

    School Ratings & Info

    Description

    This is an exceptionally rare opportunity to own a midsize apartment complex in San Clemente. There are approximately 8 buildings in all of San Clemente between 20-30 units and they rarely come available for purchase. This building has been owned and operated by the current ownership since 1987, when the property was built. Over half of the units receive ocean views and its proximity to San Clemente State Beach makes this location a highly desirable rental spot. The current rent levels are estimated to be 25-35% below market rents depending on the amount of improvements someone intends to perform. Through upgrades to the interiors as well as cosmetic improvements to the exterior, an investor can realize significantly higher rent levels which will increase the cash flow and substantially improve the value of the property. The increase in equity will far outpace the cost to achieve the higher income. *Ocean View, 1987 Construction Apartment Units, *First Time on Market-Original Owner, *Majority 2 & 3 Bedroom Units, *Incredible Location near San Clemente State beach & Calafia park, *Over 2:1 Parking Ratio; *Garages & Carports, *Massive Upside in Rents

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-09-18T21:28:43.487. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
    www.kimmeeker.com/homes/86119018

    3206 Avenida Del Presidente San Clemente, CA 92672

    • Price: $8,800,000
    • Status: Active Under Contract
    • Updated: 60 min ago
    • ID#: PW18184224
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.53
    Acres
    18,558
    SQFT
    $474
    $/SQFT
    1987
    Built
    Neighborhood:
    699 - Not Defined
    County:
    Orange
    Area:
    699 - Not Defined
    Property Description
    This is an exceptionally rare opportunity to own a midsize apartment complex in San Clemente. There are approximately 8 buildings in all of San Clemente between 20-30 units and they rarely come available for purchase. This building has been owned and operated by the current ownership since 1987, when the property was built. Over half of the units receive ocean views and its proximity to San Clemente State Beach makes this location a highly desirable rental spot. The current rent levels are estimated to be 25-35% below market rents depending on the amount of improvements someone intends to perform. Through upgrades to the interiors as well as cosmetic improvements to the exterior, an investor can realize significantly higher rent levels which will increase the cash flow and substantially improve the value of the property. The increase in equity will far outpace the cost to achieve the higher income. *Ocean View, 1987 Construction Apartment Units, *First Time on Market-Original Owner, *Majority 2 & 3 Bedroom Units, *Incredible Location near San Clemente State beach & Calafia park, *Over 2:1 Parking Ratio; *Garages & Carports, *Massive Upside in Rents
    Exterior Features

    Carport Spaces 28.00 Garage Spaces 7.00 Lot Features 21-25 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 46.00 Pool Features None Pool Private YN No Property Attached YN No

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls No Common Walls Laundry Features Community

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 3.10 Community Features CurbsSidewalksStorm DrainsStreet Lighting Country Us Electric Expense 0.00 Elevation Units Feet Fuel Expense 0.00 Gardener Expense 1200.00 Gross Income 21000.00 Gross Multiplier 19.53 Gross Operating Income 437024.00 Gross Scheduled Income 450540.00 Insurance Expense 3500.00 Land Lease YN No Laundry Income 4200.00 Laundry YN Yes Maintenance Expense 30592.00 Maintenance Percent 7.00 Net Operating Income 273740.00 New Taxes Expense 89072.00 Number Of Separate Electric Meters 23 Number Of Separate Gas Meters 23 Number Of Separate Water Meters 1 Operating Expense 163284.00 Operating Expense Percent 36.20 Other Expense 21240.00 Other Expense Description Utility Other Income1 16800.00 Professional Management Expense 12000.00 Rent Control YN No Senior Community YN No Special Listing Conditions Standard Total Expenses 163284.00 Trash Expense 0.00 Vacancy Allowance 13516 Vacancy Allowance Rate 3.00 Water Sewer Expense 0.00 Water Source Public Workmans Compensation Expense 1800.00 Year Built Source Assessor

    Listing provided courtesy of Rick Applebaum of Morgan Skenderian.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-09-18T21:28:43.487. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
     
    Realty One Group Southwest
    41463 Margarita Road #100
    Temecula CA, 92592