150 CRESS Street, Laguna Beach, CA 92651

$7,995,000
8
BD
6
BA
3,483
SqFt
List Price
$7,995,000
Status
ACTIVE
MLS#
OC22166113
Year Built
2007
Bedrooms
8
Bathrooms
6
Living Sq. Ft
3,483
Lot Size
7,241
Acres
0.1662
Lot Location
Item01UnitAcre
Days on Market
10
Property Type
Single Family Residential
Style
Cottage
Property Sub Type
Single Family Residence
Stories
One Level
Neighborhood
The Village (Vil)

Property Description

Best Value! Best Beach Location! Best Potential! This gated World Class Laguna Beach residential family compound consists of 3 beautiful beach villas: Laguna Vista, Cress Point and Laguna Point. Perhaps the most attractive and versatile multi-villa 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 and fixtures, each of the beach villas is worthy of the most discriminating guests or family members. Wide-plank wood and tasteful natural stone tile floors and shower walls, recessed lighting, crown molding and tray ceilings, stainless steel kitchen appliances, and luxurious bathrooms are only a few of the features contributing to the ambiance of casual sophistication. An expansive, multi-level central courtyard features 4 fire pits and seating, with views of the ocean and spectacular sunsets. The investment and 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 while creating a versatile opportunity for fiscal and personal gratification. These three spectacular beach villas generated income well over $400K in 2021 as vacation rentals, and we believe it can exceed over $450K in income for 2022. Villas offer a viable 1031 exchange for your investment dollars & enhances your great investment opportunity in one of the best & highly regarded beach 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 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. Further, potential to add second story to capture mesmerizing view of Laguna Beach Coastal line, Catalina Island, beautiful hills of Laguna beach and surrounding areas.

Additional Information

Appliances
Built-In Range, Barbecue, Convection Oven, Dishwasher, Exhaust Fan, Freezer, Gas Cooktop, Gas Oven, Ice Maker, Microwave, Refrigerator
Pool Description
None
Fireplace Description
Gas, Living Room
Heat
Central
Cooling
Yes
Cooling Description
Central Air
View
Coastline, Ocean, Panoramic, Water
Exterior Construction
Wood Siding
Patio
Concrete, Open, Patio
Roof
Composition
Sewer
SewerTapPaid
Water
Public
School District
Laguna Beach Unified
Interior Features
Ceiling Fan(s), Furnished, Granite Counters, Recessed Lighting, AllBedroomsDown
Attached Structure
Detached
Number Of Units Total
1

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
Years

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Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Listing Agent: Carl Wuestehube from Listing Office: Tri-Star Realty

Based on information from California Regional Multiple Listing Service, Inc. as of . 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.