150 Cress Street Laguna Beach, 92651

Bedrooms:
8
Bathrooms:
6
Square Feet:
3,215 sqft
Price $7,995,000 .00
Approx /month
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Sale Price:
$7,995,000
Loan Type:
Conventional - 5% down
FHA - 3.5% down
VA - 0% down
Additional $ Down:
Total Down Payment:
Loan Term: (years)
Interest Rate: (%)
Property Tax: (year)
$0
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Virtual Tour of 150 Cress Street , Laguna Beach 92651

Property Description

Best Value !! Best Beach Location !! Best Potential !! This gated World Class Laguna Beach residential family compound consists of 3 beautiful beach villas. 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 areas 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. The three spectacular beach villas generated income well over $410K in 2021 as vacation rentals, and we believe it can exceed $450K in income for 2022. If used as long term rentals, we believe yearly gross income would exceed $360,000.Villas offer a viable 1031 exchange for your investment dollars. 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. Potential to add second story to capture mesmerizing view of the Coastal line, Catalina Island, beautiful hills of Laguna beach and enhance value significantly.

General Information

Listing Broker:
Tri-Star Realty
Listing Agent:
Carl Wuestehube
CalBRE#:
00634943
Price:
$7,995,000
Status:
Active
Listing Updated:
5/1/2022
List Date:
2/19/2022
Close Date
Square Feet:
3,215
Bedrooms:
8
Bathrooms:
6
Garage Spaces:
3
Year Built:
2007
City:
Laguna Beach
Zip:
92651
County:
Orange
MLS ID:
OC22033327

Home Features

Interior Features:
Granite Counters
Exterior Features:
Appliances:
Exhaust Fan, Refrigerator
Flooring:
Stone
Laundry:
Inside
Architectural Style:
Cottage
Levels:
One
Fireplace Features:
Gas, Living Room
Cooling:
Central Air
Heating:
Central
Utilities:
Sewer Connected
Pool Type Features:
None
Spa Features:
None
Construction Materials:
Wood Siding
Roofing:
Composition
Water Source:
Public
Sewage:
Sewer Tap Paid
Accessibility Features:
None

Community Information

MLS Area:
LV - Laguna Village

Lot Information

Lot Size (sq feet):
7,241

Location Information

Directions:
Cross Streets: PCH to Cress St towards water & Cross Street Oceanfront & Gaviota