MarketPier

1604 Calle Las Bolas - San Clemente, CA 92672

$2,985,000
Listing Description

1602, 1604 & 1606 Calle Las Bolas - DRAMATIC 300K PRICE IMPROVEMENT!!! Spectacular location for these three Pride of Ownership investment properties in the highly desirable & historic beach community of San Clemente on the ocean side of El Camino Real. This pride of ownership property has not been on the market for 40 years! The 3 parcels consist of two 4 unit buildings and a charming 50 8217;s cottage. 1602 is a 2br,1 bath cottage with private backyard. 1604 is a 4-plex with 1br, 1ba units & 1606 is a 4-plex with studio units. These cottage style units have wood beam ceilings & some have skylights. The three properties combined have a total of 9 parking spaces plus one garage. Invest in the true essence of coastal living in this classic 1950 8217;s income property. This unique offering is a rare opportunity to purchase 3 contiguous properties with good income, yet still has room to maximize your investment with an upside in income depending on your vision (value add or develop the property). Current rents are approximately 30% under market rents. Fully occupied & easy to rent. This beach side area is experiencing an increase in development, renovation of historic properties & expansion. 13; Properties are just a 5 minute walk to the beach, Ole Hanson Beach Club, Metro transit station, beach trails, restaurants & shopping. The new outlet mall is a short 5 minute drive. It's an excellent time to add this special property located in a high-demand coastal area to your real estate portfolio!

Listing Information
MLS Number
OC18286604
APN/Parcel ID
69237141
Type
Multifamily
Sub Type
Multifamily
Building Size
4,400 sqft
Lot Size
11,574 sqft
Price / SQFT
$678
No Units
9
Price / Unit
$331,667
Gross Scheduled Income
$139,920
Expenses
$26,708
Total Expenses
$26,708
Net Income
$113,212
Cap Rate
5.00%
Listing Date
12/6/2018
Days Active
71
Last Updated
2/16/2019
Listing Provided By
Betty Elkins-Rice
Betty Elkins-Rice
BRE# 00841869

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