Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Historic San Clemente Warner Apartments Title is generated by Realmo AI

    243 Avenida Madrid, San Clemente, CA 92672

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Iconic 1927 Mediterranean-style multi-unit property in San Clemente.

    Type:Multifamily
    Property size:
    10,790 SF
    Lot size:
    0.25 Acres
    Price / SF:
    $301/SF
    Added:
    Aug 22, 2025
    Days on Market:
    285
    Last Refresh:
    Mar 18 at 7:42 am

    Property Features for 243 Avenida Madrid

    General Information

    Standard status
    Active
    Size
    10,790 SF
    Lot size
    0.25 Acres
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Will Wilson

    Listing agent Will Wilson License #00576624

    Listing office William R. Wilson, Realty

    Listing date Aug 22, 2025

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of William R. Wilson, Realty

    HighLights

    • Iconic 1927 Mediterranean‑style multi‑unit property in a desirable San Clemente location.
    • Five individual studio units providing solid rental income and redevelopment potential.
    • Multiple private patios and balconies with sweeping canyon views.
    • Ample off‑street parking for up to 10 vehicles.
    • Rich hardwood and tile flooring with custom, hand‑painted tile details.
    • Tongue‑and‑groove vaulted cathedral ceilings and multiple wood‑burning fireplaces.

    Overview

    The Warner Apartments, originally built in 1927, are located in San Clemente. This multi-unit property was commissioned by Judge Warner after he acquired the land in 1926. The property is perched above the T-Street Coastal Canyon. This Mediterranean-style complex spans approximately 10,790 square feet on a 0.25-acre lot and comprises 5 distinct studio units. The property features rich hardwood and tile flooring, including custom, hand-painted tile details. Dramatic tongue-and-groove vaulted cathedral ceilings add volume and architectural interest. Multiple wood-burning fireplaces create cozy living spaces. Multiple private patios and balconies offer views overlooking the canyon. A generous driveway and off-street parking accommodate up to 10 vehicles. Built as a multi-family residential property with five individual studios, it delivers rental income and flexibility. The property offers long-term value with potential for modernization, rental optimization, or creative redevelopment.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $388.4k $36.00
    − Vacancy −$14.0k −$1.30
    EGI $374.5k $34.70
    − OpEx −$168.5k −$15.62
    NOI $206.0k $19.09
    10,790 SF · lease $36.00/SF/yr · vacancy 3.60% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $2.94M
    $2.57M – $3.43M (±1% cap)
    NOI $205,951 @ 7.0% cap · market cap 6.34%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $3.62M
    $3.17M – $4.23M (±1% cap)
    NOI $253,690 @ 7.0% cap · market cap 7.81%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Clemente
    County
    Orange
    State
    California
    Longitude
    -117.6134401
    Latitude
    33.4221404

    Nearby Similar for Sale

    • $2,250,000
      1,516 SF

      Historic Spanish Revival Duplex

      Restored 1927 San Clemente duplex with Mills Act designation.
      140 Avenida Miramar, San Clemente, CA 92672
      View Details
    • $1,399,999
      2,000 SF

      Mixed-Use Commercial Property For Sale

      Flexible mixed-use property in San Clemente with ocean views.
      2011 S El Camino Real, San Clemente, CA 92672
      View Details
    • $1,475,000
      1,500 SF

      Remodeled Duplex with Ocean Views

      Turnkey San Clemente duplex featuring high-end finishes and ocean views.
      120 E Mariposa, San Clemente, CA 92672
      View Details
    • $2,949,000
      1,939 SF

      San Clemente Duplex Near Pier

      Duplex near the pier, beaches, and downtown San Clemente.
      401 Arenoso Lane, San Clemente, CA 92672
      View Details
    • $4,995,000
      5,300 SF

      Historic San Clemente Mixed-Use Building

      Landmark commercial building with income and redevelopment potential.
      415 N El Camino Real, San Clemente, CA 92672
      View Details
    • $1,399,999

      Mixed-Use Property on El Camino Real

      Flexible commercial building suitable for medical, retail, and office uses.
      2011 S El Camino Real, San Clemente, CA 92672
      View Details
    • $2,400,000
      2,000 SF

      San Clemente Commercial Building Opportunity

      Freestanding building on 0.27 acres in San Clemente's North El Camino Real corridor.
      724 N El Camino Real, San Clemente, CA 92672
      View Details
    • $8,036,759
      18,910 SF

      San Clemente Industrial Building For Sale

      Industrial building with warehouse, office space, and fenced yard.
      1001 Calle Negocio, San Clemente, CA 92673
      View Details
    • $5,719,650
      13,458 SF

      Freestanding Corporate Headquarters in Talega

      Corporate headquarters with office and warehouse space in South Orange County.
      1251 Puerta Del Sol, San Clemente, CA 92673
      View Details
    • $6,971,250
      21,450 SF

      Two-Story Flex Building For Sale

      Two-story flex building with long-term tenant in place.
      201 Avenida Fabricante, San Clemente, CA 92672
      View Details
    • Contact for pricing
      8,346 SF

      San Clemente Retail/Restaurant Space

      Premier retail/restaurant space in Target-anchored location with strong demographics.
      990 Avenida Vista Hermosa, San Clemente, CA, 92673
      View Details
    • $950,000
      28,311 SF

      San Clemente Office Building For Sale

      Office building with ocean view rooftop deck in San Clemente.
      1520 N. El Camino Real, San Clemente, CA 92672
      View Details

    FAQs

    What type of property is this?
    Apartment building - Iconic 1927 Mediterranean-style multi-unit property in San Clemente.
    Where is this apartment building located?
    The property is located at 243 Avenida Madrid San Clemente, CA.
    What is the asking price?
    The asking price for this property is $3,250,000.
    What are key features of this property?
    This property features: Iconic 1927 Mediterranean‑style multi‑unit property in a desirable San Clemente location.; Five individual studio units providing solid rental income and redevelopment potential.; Multiple private patios and balconies with sweeping canyon views.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Will Wilson
    Real Estate License ID: 00576624
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    243 Avenida Madrid, San Clemente, CA 92672
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!