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122 Avenida Pelayo, San Clemente, California 92672, San Clemente, 92672 - bed, bath

122 Avenida Pelayo, San Clemente, California 92672 home-pic-0
ACTIVE$1,998,999
122 Avenida Pelayo, San Clemente, California 92672
0Bed
0Bath
4,000Sqft
4,504Lot
Year Built
1961
Close
-
List price
$2M
Original List price
$2M
Price/Sqft
$500
HOA
-
Days on market
-
Sold On
-
MLS number
OC25106853
Home ConditionPoor
Features
Excellent View: City Lights
Deck
ViewCity Lights

About this home

We found 3 Cons,5 Pros. Rank: price - $2.00M(69th), sqft - 4000(83th), beds - undefined(50th), baths - undefined(50th).

A rare find ocean view Triplax on the ocean side of San Celemente. Nice sized lot of 4500 SQFT. No HOA, a custom site. A Short Walk to downtown Del Mar San Clemete and a couple blocks walk to beach. Great investor's dream, plenty room to increase rent. A builders' delight to construct a beautiful ocean close condos. or a conversion to a single family home. Brand-new roof. Sold As its current condition. ALL 3 units are fully occupied with long-term month-to-month dependable pay tenants. Unit A- Upper with approx 270 degree ocean view with large deck $2650 per month. Unit B & C- Both are Single level, due to long-term tenants , the current rent is low,

Condition Rating
Poor
Built in 1961, this property is over 60 years old and is being sold 'as-is.' While it boasts a brand-new roof, the blurry interior images, particularly of the kitchen and bathroom, strongly suggest very dated conditions, likely original or renovated 30-50+ years ago. The description as a 'builder's delight' for redevelopment and the low rents for two units further indicate that the current living spaces require substantial rehabilitation and modernization, especially in key areas like kitchens and bathrooms, to meet contemporary standards.
Pros & Cons

Pros

Prime Coastal Location & Views: Situated on the ocean side of San Clemente, offering significant ocean views (including 270-degree views from Unit A) and a short walk to downtown Del Mar and the beach.
Strong Investment Potential: A triplex with all units fully occupied by dependable, long-term tenants, providing immediate rental income and substantial room to increase rents.
Development & Conversion Opportunity: Presents a unique opportunity for builders to construct ocean-close condos or convert to a single-family home on a custom site with no HOA.
Recent Major Upgrade: Features a brand-new roof, mitigating immediate capital expenditure for a critical structural component.
Established Income Stream: All three units are currently occupied, ensuring a consistent income flow from the outset for an investor.

Cons

Under-Market Rents: Units B & C are currently rented below market value due to long-term tenants, limiting immediate cash flow optimization for the new owner.
As-Is Sale Condition: The property is sold in its current 'as-is' condition, indicating potential for additional repair, renovation, or upgrade costs beyond the new roof.
Property Age: Built in 1961, the property may require significant updates or renovations to modernize units or systems, especially given the 'as-is' sale condition.

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