Sold

150 CRESS Street

Laguna Beach CA, 92651

$8,498,000


$2,951.72 per sqft

Sold

2,879 sqft

Multi-family

Built in 2007

Listed by Carl Wuestehube with Tri-Star Realty 800-621-4258

Incredible Value & Opportunity!! Extraordinary Laguna Beach Location!! This one of a kind property offers three spectacular beach villas (a duplex & a single family residence). The villas generated gross income well over $425K in 2022. These spectacular villas have the potential to generate income between $500K to $600K per year. Villas offer one of the highest CAP rates of over 4% & potential to exceed CAP rate of 5%. 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 areas 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. The property offers 3 lovely single-level villas with a total of 8 bedrooms, and 5.5 baths. Mixes of three villas: 2 bedrooms & 1 bath; 3 bedrooms & 2 baths; & 3 bedrooms & 2.5 baths (SFR). The family compound rests a short walk or ride from restaurants and shops 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 & enhance your great investment opportunity. Excellent use as a beach house for family & friends; as a second home & rent the villas as vacation or long term rentals as needed to supplement the income to offset property expenses. Very 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, & to increase the value significantly.

OC23063283

MLS ID

April 15, 2023

Listed

February 16, 2024

Updated

Map

150 CRESS Street
Laguna Beach CA, 92651

Interior Features

Total Stories

1


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


Appliances

Dishwasher, Gas Cooktop, Disposal, Gas Oven, Gas Range, Gas Water Heater, Microwave, Refrigerator, Water To Refrigerator, Water Purifier, Dryer, Washer


Laundry Description

Washer Hookup, Gas Dryer Hookup, Inside, In Kitchen


Floor Description

Stone, Tile, Wood


Fireplace

Yes


Fireplace Description

Family Room, Free Standing, Gas, Outside


Cooling

Yes


Cooling Description

Central Air, Electric


Heating

Yes


Heating Description

Electric, Forced Air, Fireplace(s), Heat Pump

Exterior/Building Features

Lot Size

0.17 Acres


Exterior Features

Fire Pit


Lot Features

Bluff


Architectual Style

Contemporary


Roof

Composition, Shingle


Sewer

Sewer Tap Paid

Other Property Details

Area Name

LV - Laguna Village


Days on Market

19


Garage

Yes


Garage Spaces

3


Parking

Door-Multi, Door-Single, Garage Faces Front, Garage


Parking Total

6


View

Yes


View Description

Catalina, City Lights, Coastline, Mountain(s), Ocean


County

Orange


Water Source

Public


Pool

No


Pool Features

None


Waterfront

Yes


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

6/2/2023

Price Change

$8,250,000

-3%

6/2/2023

Sold

5/6/2023

Pending

5/5/2023

Under Contract

Listing Contact: 800-621-4258 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 2/16/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 2/16/2024 at 3:59 AM UTC

 

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