Listed by Carl Wuestehube, Tri-Star Realty,

150 CRESS Street

Laguna Beach, CA, 92651

$7,995,000

$2,295 per ft²
$7,995,000
$2,295 per ft²
Active
Active
 - For Sale
carpenters-square
3,483 ft²
property_type
Multi-family
calendar
Built 2007
Incredible Value!! Extraordinary Beach Location!! Three spectacular beach villas will generate gross income well over $450K in 2022 as short-term rentals, and these villas generated income well over $410 K in 2021. If used as long term rentals, we believe yearly gross income would exceed $360,000. The Villas offer one of the highest CAP rate of 4% along the Orange County Coastline. This gated World Class Laguna Beach residential family complex consists of 3 beautiful beach villas. Perhaps the most attractive and versatile multi-villas property currently available in the coastal area of Orange County. Nestled on an approximately 7,200 sq. ft. lot immediately adjacent to the Cress Street Beach steps, and with parking for at least 6 vehicles. It is a rare and incredible value and shines as a family complex, multiple lucrative beach villa rentals, or both. It has 3 lovely single-level villas offer a total of 8 bedrooms, 5 full baths plus a half-bath. Mixes of three villas are 2 bedrooms & 1 bath; 3 bedrooms & 2 baths; & 3 bedrooms & 2.5 baths. The compound rests a short walk or ride from restaurants and shopping in one of the area’s trendiest neighborhoods, the Hip district. Completely renovated and incorporating the finest materials & fixtures, each of the beach villas is worthy of the most discriminating guests or family members. Wide-plank wood & tasteful natural stone floors & shower walls, recessed lighting, crown molding & tray ceilings, stainless steel kitchen appliances, & luxurious bathrooms are only a few of the features contributing to the ambiance of casual sophistication. An expansive, multi-level courtyard features 4 fire pits & seating, with views of the ocean and spectacular sunsets. The investment & use options of this one-of-a-kind complex make it a superb prospect for immediate as well as long-term financial and tax benefits. Villas offer a viable 1031 exchange & enhances your great investment opportunity in one of the best & highly regarded City in the United States. Excellent use as a beach house for family & friends; as a second home when needed; & rent the villas as vacation or long term rentals as needed and/or rent them as needed to supplement the income to offset property mortgage and taxes. The rare Laguna Beach short term rental license conveys with the property. Potential to add a second story to capture mesmerizing Panoramic ocean/Coastal line views, Catalina Island, beautiful hills, & enhances value significantly.
MLS® ID:
OC22167018
Listed:
7/28/22
Updated:
10/1/22

Interior Features

Kitchen Appliances
Dishwasher, Gas Cooktop, Disposal, Gas Oven, Gas Range, Gas Water Heater, Microwave, Refrigerator, Water To Refrigerator, Water Purifier, Dryer, Washer
Total Bedrooms
0
Total Bathrooms
0
Interior Features
Ceiling Fan(s), Crown Molding, Coffered Ceiling(s), Granite Counters, Open Floorplan, Paneling/Wainscoting, Recessed Lighting, Wired for Data, All Bedrooms Down, Bedroom on Main Level
Laundry Description
Washer Hookup, Gas Dryer Hookup, Inside, In Kitchen
Floor Description
Stone, Tile, Wood
Fireplace
Family Room, Free Standing, Gas, Outside
Cooling
Central Air, Electric
Heating
Electric, Forced Air, Fireplace(s), Heat Pump

Exterior/Building Features

Lot Size
7,241 ft² lot
Exterior Features
Fire Pit
Architectural Style
Contemporary
Lot Details
Bluff
Roof
Composition, Shingle
Sewer
Sewer Tap Paid

Other Property Details

Area Name
LV - Laguna Village
HOA Amenities
Curbs
Garage
Yes
Garage Spaces
3
Parking
Door-Multi, Door-Single, Garage Faces Front, Garage
Parking Total
6.0
View
Y
County
Orange
Utilities
Cable Available, Cable Connected, Electricity Available, Electricity Connected, Natural Gas Available, Natural Gas Connected, Phone Available, Sewer Available, Sewer Connected, Underground Utilities, Water Available, Water Connected
Water Source
Public
Pool
No
Pool Description
None
Total Stories
1

 

Listed by Carl Wuestehube, Tri-Star Realty,

Based on information from California Regional Multiple Listing Service, Inc. as of 10/1/22. 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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