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Listing 3 out of 370
$4,695,000 For Sale

505 Monterey Lane
San Clemente, CA 92672

8 units | Multi Family Home
3764 sq ft lot - MLS# PW19112636
Property Photo
1/5

Description

HIGHLY MOTIVATED SELLERS!! SUBMIT ALL OFFERS!! 505 West is quintessential Southern California coastal real estate. This investment opportunity is located in the highly desirable "Pier Bowl" location of San Clemente, just a few steps to beaches (including world-class surfing spots), historical San Clemente pier, restaurants and shops. 505 has been extensively remodeled, with over $1 million dollars invested into the interiors and exterior of the building bringing modern luxury to San Clemente. This opportunity features (2) studios, (2) one bedroom/one bathroom units and (4) two bedroom/two bathroom units with 75% of all units featuring ocean views. This property features (10) gated community garage spaces, patios, balconies and on-site laundry. 505 West truly a rare and special piece of Southern California coastal real estate. *Incredible Ocean Views, *Prestigious Pier Bowl Location, *Steps to the Beach, Historical San Clemente Pier, Restaurants & Shops, *Over $1 Million in Renovations and Upgrades, *Immaculate Modern Style Interiors, *Prime Candidate for Vacation Rental- Permits Available, *Irreplaceable Real Estate

Features

  • Property Type: Multi Family Home
  • Sub Type: Multi Family Home
  • Listing Status: Active
  • Zip Code: 92672
  • Year Built: 1964
  • Stories: Two
  • Units: 8 units
  • # of Parking Spaces: 10.00
  • Lot Size: 3764 sq ft lot
  • Area: 699 - Not Defined
  • Average Studio Area Units: Square Feet
  • Average2Bed Area Units: Square Feet
  • Average3Bed Area Units: Square Feet
  • Building Area Total: 4914.00
  • Building Area Units: Square Feet
  • Cap Rate: 3.40
  • Community Features: Curbs, Sidewalks, Storm Drains, Street Lights
  • Country: US
  • Directions: North of Avenida Victoria & East of Santa Ana Lane
  • Garage Spaces: 10.00
  • Gross Income: 7920.00
  • Gross Multiplier: 19.14
  • Gross Operating Income: 237980.00
  • Gross Scheduled Income: 245340.00
  • Insurance Expense: 2217.00
  • Laundry Features: Community
  • Laundry Income: 1200.00
  • Laundry YN: Yes
  • Listing Agent License: 01273871
  • Listing Office License: 01220368
  • Lot Features: 6-10 Units/Acre
  • Lot Size Area: 3763.0000
  • Lot Size Source: Assessor
  • Lot Size Units: Square Feet
  • MLS: CRM
  • Maintenance Expense: 9500.00
  • Net Operating Income: 161873.00
  • New Taxes Expense: 47483.00
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 9
  • Number Of Separate Water Meters: 1
  • Operating Expense: 76106.00
  • Operating Expense Percent: 31.00
  • Other Expense: 8739.00
  • Other Expense Description: Utility
  • Other Income Description: Utility Reimbursement
  • Other Income1: 6720.00
  • Sewer: Public Sewer
  • Stories Total: 2
  • Total Expenses: 76106.00
  • Water Source: Public
  • Year Built Source: Assessor
Courtesy of Morgan Skenderian, Rick Applebaum

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The Collective Real Estate Group
San Clemente, CA 92673

949-664-9674
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949-664-9674 | Contact Us
DRE# Britt 01757968, Staci #01788040, LUXRE DRE# 01897290
Sarah #01943791, Kurt # 02043568

222 Avenida Del Mar - San Clemente, CA 92672
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