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402 Corto Ln, San Clemente, CA 92672
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402 Corto Ln San Clemente, CA 92672

$3,200,000 Sold Price as of 09/01/2022
  • 9 Beds
  • 5.25 Baths
  • 4,320 Sq.Ft.
Sold
$3,200,000 Sold Price as of 09/01/2022 Refinance Your Mortgage
Map preview of 402 Corto Ln, San Clemente, CA 92672

Property Overview: 402 Corto Ln San Clemente, CA has 9 bedrooms, 5.25 bathrooms, 4,320 living square feet and 4,485 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Rare 4-plex opportunity in San Clemente’s Short Term Rental Zone is just 400 yards from surfing breaks in San Clemente. This beach-close four-unit apartment building presents an extraordinary investment opportunity. The building consists of two units that are both 2 bedroom, 2 bath; another unit that’s 2 bedroom, 1 bath, and the largest being 3 bedroom, 2 bath. Open-concept floorplans display dine-in kitchens, spacious living rooms, fully appointed baths, and a covered carport space for each unit. Unit three is the largest and hosts a dining room and primary suite with a sunny balcony. This is the perfect configuration for an owner’s suite inside the 4-plex. The property is located along a cul-de-sac street with direct beach access. Hands down one of the best locations in town to own an income property as you are surrounded by luxury beach property and the building is moments from shops and restaurants on Del Mar, San Clemente’s classic pier, parks, and hiking trails. Within a few minutes you can be at the beach, having dinner on the San Clemente Pier, or shopping downtown. Income numbers are run on the actual rent. Pro Forma rent for a 12 month rental would be Gross Income $142,800 and about a 3.6% cap, projected vacation rental income is approximately $324,000. Projections for Vacation Rental can be provided separately by a third party.

Listed by Doug Echelberger | BRE #01176379 | Pacific Sotheby's Int'l Realty
Last checked: 5 minutes ago | Last updated: July 14th, 2023 | Source CRMLS | DOM: 6

Home details

Lot Sq. Ft
4,485
HOA Dues
$0/mo
Year built
1964
Garage
--
Property Type:
Apartment
Status
Sold
MLS#
OC22141756
City
San Clemente
County
Orange
Time on Site
632 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 4
  • Total # of Buildings: 1
  • # of Leased Units: 4
  • # of Electric Meters: 5
  • # of Gas Meters: 5
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,900
  • Total Rent: $22,800
  • Pro Forma/Market Rent: $2,800
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,800
  • Total Rent: $21,600
  • Pro Forma/Market Rent: $2,700
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,550
  • Total Rent: $30,600
  • Pro Forma/Market Rent: $3,600
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,900
  • Total Rent: $22,800
  • Pro Forma/Market Rent: $2,800
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 2.6%
  • Gross Rent Multiplier: 28.1
  • Gross Scheduled Income: $98,355
  • Net Operating Income: $91,518
  • Gross Operating Income: $98,355
  • Laundry Income: $555
  • Laundry Own/Lease: Own
  • Other Income Description: 555
Annual Expense Breakdown
  • Total Operating Expense: $6,837
  • Electric: $206
  • Gas/Fuel: $0
  • New Taxes: $35,000
  • Trash: $1,092
  • Cable TV: $0
  • Insurance: $3,017
  • Water/Sewer: $2,522

Virtual Tour

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Property Details for 402 Corto Ln

Interior Features
Laundry Information
  • Has Laundry
  • Community
Room Information
  • Flooring: Carpet, Tile, Wood
  • Entry, Family Room, Kitchen, Master Bathroom, Master Bedroom
Kitchen Information
  • Has Appliances
  • Dishwasher, Gas Range, Microwave, Range Hood, Water Line to Refrigerator
Interior Features
  • Built-in Features, Granite Counters, High Ceilings, Open Floorplan, Recessed Lighting
  • Levels: Two
  • Window Features: Blinds, Screens
  • Security Features: Fire and Smoke Detection System, Smoke Detector(s)
  • Door Features: Panel Doors
Exterior Features
Exterior Information
  • Roof: Spanish Tile
  • No Spa
  • Spa Features: None
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 8
  • Has Parking
  • Parking Features: Carport
Lot Information
  • Lot Features: Back Yard, Landscaped, Level with Street, Walkstreet, Yard
  • Lot Size Source: Assessor
  • Common Interest: Planned Development
Property Information
  • Has View
  • View: Neighborhood, Panoramic
  • Common Walls: 2+ Common Walls
  • Total # of Units: 4
  • Parcel Number: 69201223
  • Year Built Source: Assessor
  • Property is Attached
  • Offered With Property: Floor Plans are in the Supplements
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
  • Utilities: Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Location / Neighborhood
Location Information
  • Subdivision Name: Other (OTHR)
  • Other Subdivision Name: Central
  • Directions: Head south on S El Camino Real, turn right on W Avenida Palizada, right on Corto Lane
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
Neighborhood Information
  • Community Features: Biking, Curbs, Gutters, Sidewalks, Storm Drains
View more facts & features

Local San Clemente Agent

Sale History for 402 Corto Ln

Last leased for $3,900 on July 12th, 2023

  • July, 2023

  • Jul 12, 2023

    Date

    Leased

    CRMLS: OC23067525

    $3,900

    Price

  • Apr 21, 2023

    Date

    Active

    CRMLS: OC23067525

    $4,150

    Price

  • Listing provided courtesy of CRMLS

    Amazing opportunity to live within steps of the beach and walking distance to downtown. Fully updated unit featuring brand new appliances, kitchen cabinets, bathrooms, flooring and paint. Come and live the San Clemente dream!

  • July, 2023

  • Jul 1, 2023

    Date

    Leased

    CRMLS: OC23067512

    $3,500

    Price

  • Apr 21, 2023

    Date

    Active

    CRMLS: OC23067512

    $3,750

    Price

  • Listing provided courtesy of CRMLS

    Amazing opportunity to live within steps of the beach and walking distance to downtown. Fully updated unit featuring brand new appliances, kitchen cabinets, bathrooms, flooring and paint. Come and live the San Clemente dream!

  • June, 2023

  • Jun 10, 2023

    Date

    Leased

    CRMLS: OC23067487

    $3,750

    Price

  • Apr 21, 2023

    Date

    Active

    CRMLS: OC23067487

    $4,000

    Price

  • Listing provided courtesy of CRMLS

    Amazing opportunity to live within steps of the beach and walking distance to downtown. Fully updated unit featuring brand new appliances, kitchen cabinets, bathrooms, flooring and paint. Come and live the San Clemente dream!

  • September, 2022

  • Sep 1, 2022

    Date

    Sold

    CRMLS: OC22141756

    $3,200,000

    Price

  • Aug 2, 2022

    Date

    Active

    CRMLS: OC22141756

    $3,500,000

    Price

  • October, 2012

  • Oct 4, 2012

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • October, 2012

  • Oct 3, 2012

    Date

    Sold (Public Records)

    Public Records

    --

    Price

Show More

Tax History for 402 Corto Ln

Assessed Value (2020): $1,702,869
Year Land Value Improved Value Assessed Value
2020 $1,532,582 $170,287 $1,702,869

Home Value Compared to the Market

This property vs the competition

402 Corto Ln sold on September 1, 2022 for 102.9% higher than the current median sold price for the city of San Clemente which is $1,725,000. The median sold price per/sqft for San Clemente is $784 and this home is sold at $810.19 per/sqft which puts the price per square foot 3.34% higher than the current median sale per square foot for the city of San Clemente.

About 402 Corto Ln

Detailed summary of property

402 Corto Ln is a apartment that recently sold in San Clemente, CA 92672. This apartment offered 9 bedrooms, 5.25 bathrooms, roughly 4,320 living square feet, and sits on an approximately 4,485 square foot lot. 402 Corto Ln was first listed on ArdentRealEstateGroup.com on August 2, 2022. The homeowner sold the property for $3,200,000. Home in San Clemente are selling for a median price of $1,725,000 and a median price per square foot of $784. Based on Ardent Real Estate Group's San Clemente Market Data, this home is sold 102.9% higher than the current median priced home. Local homes that are currently for sale include 124 Pearl Ave, 124 Pearl Ave and 1913 Court St. While the average home in San Clemente, CA is selling in 53 days, 402 Corto Ln has a days on market of 6 days. There are currently 174 homes for sale in the San Clemente real estate market and 143 of them are single family homes while 28 of them are condos and 3 are townhomes. For more information on this home for sale at 402 Corto Ln San Clemente, CA 92672 contact Ardent Real Estate Group and we will put you in touch with one of our San Clemente agents.

Public Facts for 402 Corto Ln

Public county record property details
Beds
--
Baths
--
Year built
1964
Sq. Ft.
4,321
Lot Size
4,061
Stories
2
Type
Quadruplex (4 Units, Any Combination)
Pool
No
Spa
No
County
Orange
Lot#
22
APN
692-012-23

The source for these homes facts are from public records.

92672 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,999,000
Median List Price/Sq.Ft.
$994
Median Sold Price
$1,850,000
Median Sold Price/Sq.Ft.
$871
Total Inventory
102
Median Sale to List Price %
97.42%
Avg Days on Market
28
Loan Type
Conventional (39.29%), FHA (0%), VA (0%), Cash (32.14%), Other (28.57%)

Thinking of Selling?

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(714) 706-1823

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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