This week’s listing is a triplex in central San Clemente–great for an investor.
108 E Portal
Unit A (Lower): 3 bedrooms, 1 3/4 bathrooms
Unit B (Upper): 2 bedrooms, 1 3/4 bathrooms
Unit C (Upper): 2 bedrooms, 1 1/2 bathrooms
3,100 total square feet
Here’s why I think this is a great buy:
- The location couldn’t be better: Off El Camino Real, between Pico and Del Mar. This is prime real estate in San Clemente
- It’s move-in ready. No work needs to be done
- It has a cap rate of 5%, which is good for the area (cap rate is yearly income divided by purchase price)
- The cash flow is good: About $65,000 annual gross rents (about $60,000 net income)
- An investor could stand to turn a profit. Sample scenario: Put down 20%, take out a mortgage of $960,000. That would be cost about $4,865/month, or $58,000 per year (versus the $60,000 in net income)
- The price per square foot is competitive at $386. In the past year, most multi-unit investment properties in this area have sold for over $400/square foot
- There are ocean views from the top units, and a nice courtyard with the lower unit
- There are 3 garages and 3 driveway spaces, for a total of 6 parking spots. This is essential for this area as parking can be tough, especially in summer
Want to check it out? Contact me today.