Investment Overview

The McCartin Group of Marcus & Millichap is pleased to present an Amazing Opportunity to own a Garden Style Apartment Complex located in the Beautiful Coastal City of San Clemente, California. 317 Avenida Monterey is situated less than 1/2 mile to The Pacific Ocean and the San Clemente Pier. Long term ownership has done a wonderful job maintaining the property inside and out during their long tenure which includes recent updates to 6 of the 7 units. A new Buyer should be able to capture significant upside with further upgrades and improving the curb appeal. Nearby renovated units are achieving market rents that are roughly 40% higher than the Subject Property. 2 units currently occupied by the Sellers will be available and delivered vacant at the close of escrow. In addition, a new owner might consider transforming some of the units into short-term rentals where average nightly rates for 2BR units are around $350. Tenants enjoy 2 Parking Spaces per Unit, a Laundry Room, a large Courtyard, and a generous sized Balcony with Peak Ocean Views. 317 Avenida Monterey is situated in the "Pier Bowl Area" which is a highly active, pedestrian-oriented coastal center serving residents and tourists. The Founder of San Clemente called the Pier Bowl "The Spanish Village By-The-Sea". The Property has a Walk Score of 84/100 (Very Walkable). Tenants enjoy the central location offering several restaurants, bars, markets as well as several public transportation lines. A short 8 Minute Walk in either direction to The San Clemente Pier as well as the Shops, Bars & Restaurants along Avenida Del Mar which is considered the Main Retail Corridor in San Clemente.