Property Detail

402 Corto Lane

San Clemente CA 92672

$3,500,000

Status: Active

Property Details

Description

Rare four-plex opportunity in San Clemente’s Short Term Rental Zone is just 400 yards from surfing breaks in San Clemente. This beach-close four-unit apartment building presents an extraordinary investment opportunity. The building consists of two units that are both two bedroom, two bath; another unit that’s two bedroom, one bath, and the largest being three bedroom, two bath. Open-concept floorplans display dine-in kitchens, spacious living rooms, fully appointed baths, and a covered carport space for each unit. Unit three is the largest and hosts a dining room and primary suite with a sunny balcony. This is the perfect configuration for an owner’s suite inside the four-plex. The property is located along a cul-de-sac street with direct beach access. Hands down one of the best locations in town to own an income property as you are surrounded by luxury beach property and the building is moments from shops and restaurants on Del Mar, San Clemente’s classic pier, parks, and hiking trails. Within a few minutes you can be at the beach, having dinner on the San Clemente Pier, or shopping downtown. Income numbers are run on the actual rent with a new tax rate at the purchase price. Pro Forma rent for a 12 month rental would be Gross Income $142,800 and about a 3.6% cap, projected vacation rental income is approximately $324,000. Projections for Vacation Rental can be provided separately by a third party.

Map Location

Listing provided courtesy of Doug Echelberger of Pacific Sotheby's International Realty. Last updated 2022-08-13 20:32:48.000000. Listing information © 2022 PACIFICSOTHEBYSFULLSANDICORCOMBINED.

Megan Root

Megan Root

CA DRE# 01351843
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