150 CRESS Street, Laguna Beach, CA 92651

$7,995,000
List Price
$7,995,000
Status
ACTIVE
MLS#
OC22167018
Year Built
2007
Lot Size
7,241
Acres
0.1662
Lot Location
Bluff
Days on Market
9
Property Type
Multifamily
Style
Contemporary
Stories
One Level
Neighborhood
Main Beach (Bch)

Property Description

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 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 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 view of the Coastal line, Catalina Island, beautiful hills, & enhances value significantly.

Additional Information

Appliances
Dishwasher, Gas Cooktop, Disposal, Gas Oven, Gas Range, Gas Water Heater, Microwave, Refrigerator, WaterToRefrigerator, Water Purifier, Dryer, Washer
Pool Description
None
Fireplace Description
Family Room, Free Standing, Gas, Outside
Heat
Electric, Forced Air, Fireplace(s), Heat Pump
Cooling
Yes
Cooling Description
Central Air, Electric
View
Catalina, City Lights, Coastline, Mountain(s), Ocean
Exterior Construction
Stucco, Wood Siding, CopperPlumbing
Roof
Composition, Shingle
Garage Spaces Total
3
Sewer
SewerTapPaid
Water
Public
Interior Features
Ceiling Fan(s), Crown Molding, Coffered Ceiling(s), Granite Counters, Open Floorplan, PanelingWainscoting, Recessed Lighting, Wired for Data, AllBedroomsDown, BedroomonMainLevel
Attached Structure
Attached
Number Of Units Total
3
Gross Scheduled Income
$451,000
Operating Expense
128925

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
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.