244-246 W Avenida Palizada
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244-246 W Avenida Palizada
6 Unit Apartment Building $2,395,000 ($399,167/Unit) 4.03% Cap Rate San Clemente, CA 92672
Investment Highlights
- 1 ½ Blocks to the Beach, Linda Lane Park & Casa Romantica and 2 Blocks to Avenida Del Mar
- Added Value Opportunity – ±20% in Projected Rental Upside
- Large ±12,196 SF Lot
- Majority Single-Story Units with Canyon Views
- Patios, Balconies, On-Site Parking, Laundry
Executive Summary
Morgan Skenderian is pleased to present 244 West Avenida Palizada, situated in a prime location just 1.5 blocks from the beach, scenic Linda Lane Park, and Casa Romantica. Built in 1960, the subject is comprised of five units plus one non-conforming unit. Essentially, all units are single-story and offer stunning canyon views, patios, and balconies, on-site laundry, and parking for each unit. Additionally, renters are attracted to this location for its easy access to the vibrant downtown scene, just 2 blocks away on Avenida Del Mar. With an added value opportunity of approximately ±20% in rental upside, and a spacious ±12,196 SF lot allowing for potential redevelopment, this property presents a compelling proposition for astute investors seeking a prime residential income opportunity. *Studio is non-conforming.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$150,756
|
$44.15
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,522
|
$1.32
|
| Effective Gross Income |
$146,234
|
$42.82
|
| Taxes |
$24,265
|
$7.11
|
| Operating Expenses |
$25,347
|
$7.42
|
| Total Expenses |
$49,612
|
$14.53
|
| Net Operating Income |
$96,622
|
$28.29
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $150,756 |
| Annual Per SF | $44.15 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $4,522 |
| Annual Per SF | $1.32 |
| Effective Gross Income | |
|---|---|
| Annual | $146,234 |
| Annual Per SF | $42.82 |
| Taxes | |
|---|---|
| Annual | $24,265 |
| Annual Per SF | $7.11 |
| Operating Expenses | |
|---|---|
| Annual | $25,347 |
| Annual Per SF | $7.42 |
| Total Expenses | |
|---|---|
| Annual | $49,612 |
| Annual Per SF | $14.53 |
| Net Operating Income | |
|---|---|
| Annual | $96,622 |
| Annual Per SF | $28.29 |
Property Facts
| Price | $2,395,000 | Apartment Style | Low Rise |
| Price Per Unit | $399,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.28 AC |
| Cap Rate | 4.03% | Building Size | 3,415 SF |
| Gross Rent Multiplier | 15.89 | No. Stories | 1 |
| No. Units | 6 | Year Built | 1960 |
| Property Type | Multifamily | Parking Ratio | 2.05/1,000 SF |
| Property Subtype | Apartment |
| Price | $2,395,000 |
| Price Per Unit | $399,167 |
| Sale Type | Investment |
| Cap Rate | 4.03% |
| Gross Rent Multiplier | 15.89 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 3,415 SF |
| No. Stories | 1 |
| Year Built | 1960 |
| Parking Ratio | 2.05/1,000 SF |
Unit Amenities
- Patio
Site Amenities
- Courtyard
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $2,193 | 500 |
| 2+1 | 1 | $2,500 | 800 |
| Studios | 1 | $1,200 | 449 |
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Walk Score ®
Walker's Paradise (94)
PROPERTY TAXES
| Parcel Number | 692-051-04 | Total Assessment | $2,147,080 |
| Land Assessment | $1,711,862 | Annual Taxes | $24,265 ($7.11/SF) |
| Improvements Assessment | $435,218 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
692-051-04
Land Assessment
$1,711,862
Improvements Assessment
$435,218
Total Assessment
$2,147,080
Annual Taxes
$24,265 ($7.11/SF)
Tax Year
2024
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244-246 W Avenida Palizada
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