505 Monterey Lane

    San Clemente, CA 92672
    • $5,275,000
    • STATUS: Active
    • ON SITE: 108 days
    • ID#: PW18186237
    UPDATED: 25 min ago
    $5,275,000
    • 0
      BEDS
    • 0.09
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1964
    County:

    School Ratings & Info

    Description

    MAJOR PRICE REDUCTION! HIGHLY MOTIVATED SELLERS!! 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 West 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 is 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,

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-18T09:29:00.23. 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 deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.fredsedgroup.com/homes/86180081

    505 Monterey Lane San Clemente, CA 92672

    • Price: $5,275,000
    • Status: Active
    • Updated: 25 min ago
    • ID#: PW18186237
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.09
    Acres
    1964
    Built
    Neighborhood:
    699 - Not Defined
    County:
    Orange
    Area:
    699 - Not Defined
    Property Description
    MAJOR PRICE REDUCTION! HIGHLY MOTIVATED SELLERS!! 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 West 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 is 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,
    Exterior Features

    Garage Spaces 10.00 Lot Features 6-10 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 10.00 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 CommunityGas Dryer HookupWasher Hookup Levels Two

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cable Tv Expense 9893.00 Cap Rate 2.90 Community Features CurbsSidewalksStorm DrainsStreet Lighting Country Us Electric Expense 0.00 Elevation Units Feet Fuel Expense 0.00 Gardener Expense 600.00 Gross Income 7920.00 Gross Multiplier 21.35 Gross Operating Income 239668.00 Gross Scheduled Income 247080.00 Insurance Expense 2217.00 Land Lease YN No Laundry Income 1200.00 Laundry YN Yes Maintenance Expense 11983.00 Maintenance Percent 5.00 Net Operating Income 15337.00 New Construction YN No New Taxes Expense 53396.00 Number Of Separate Electric Meters 7 Number Of Separate Gas Meters 7 Number Of Separate Water Meters 1 Operating Expense 87331.00 Operating Expense Percent 35.30 Other Expense 8742.00 Other Expense Description Utility Other Income1 6720.00 Professional Management Expense 0.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Expenses 87331.00 Trash Expense 0.00 Vacancy Allowance 7412 Vacancy Allowance Rate 3.00 Water Sewer Expense 0.00 Water Source Public 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 2018-11-18T09:29:00.23. 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 deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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