Two - 3 bed 2 bath - Each 1400 sq feet One - 2 bed 2 bath - 1300 sq feet I redid the interior with all brand new laminate flooring, double glazed windows, new appliances, termite tenting in 2020, new boilers for all units and replaced the roof COMPLETELY (2021) with a membrane TPO roof in order to reduce energy costs. Ive put in over 180k improvements to the property since purchase in 2013. Rents. Unit A - 2550, Unit B - 2890. Unit C - 2790. All are long term tenants although technically everyone is month to month right now since its past they year long lease. Its a very profitable configuration and super close to the beach. Each unit has their own washer/dryer as well. Current Buy Out valuation dropped to 2.69M after consideration of major Stock market drop on 24th May 2022. Valuation is based on cap rate in the area of 5% based on current actual rents. Potential cap rate can be up to 8% at the valuation if you increase rents to full potential. Also, plenty of upside in that area as massive inflow of housing development projects in south san clemente area. $50M project of Surfers Row was just the beginning for the revitalization. The property itself has plenty of upside improvements. Lower unit's wall to the outside can be redone to reclaim about 200sq feet of landscape garden to make a proper backyard. City has given verbal approval and i had a fencing company provide quotes to do this. Rent can be then increased to $3500 if this is done. Video walkthroughs - https://youtu.be/vLmA78-qTQc (prerenovation in one of the units) https://www.youtube.com/watch?v=iLS4q0Vnki4 (outside) https://www.youtube.com/watch?v=EjFfY1P-6oI (inside another unit)
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