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150 Cress Street

Laguna Beach, CA 92651
  • $7,995,000
  • STATUS: Active
  • ON SITE: 8 Days
  • ID#: OC22167018
UPDATED: 69 min ago
$7,995,000
  • 0
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
2007
County:

School Ratings & Info

Listing Agent(s): Carl Wuestehube of Tri-Star Realty (800-621-4258)


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

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-07T22:25:58.48. 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 deemed reliable but is not guaranteed accurate by the MLS or American Real Estate List & Sell. Licensed in the State of California, USA.
www.americanrealestatehomes.com/homes/131401307
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150 Cress Street Laguna Beach, CA 92651

  • Price: $7,995,000
  • Status: Active
  • On Site: 8 Days
  • Updated: 69 min ago
  • ID#: OC22167018
0
Beds
0
Baths
0
½ Baths
0.17
Acres
2007
Built
Neighborhood:
Main Beach (Bch)
County:
Orange
Area:
LV - Laguna Village
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 areas 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 views of the Coastal line, Catalina Island, beautiful hills, & enhances value significantly.
Exterior Features

Architectural Style Contemporary Construction Materials StuccoWood SidingCopper Plumbing Exterior Features Fire Pit Fencing Wrought Iron Lot Features Bluff Number Of Separate Electric Meters 3 Open Parking Spaces 3 Parking Features Door-MultiDoor-SingleGarage Faces FrontGarage Parking Total 6 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Road Surface Type Paved Roof CompositionShingle View CatalinaCity LightsCoastlineMountain(S)Ocean View YN Yes Waterfront Features Ocean Side Of Freeway

Interior Features

Accessibility Features Parking Appliances DishwasherGas CooktopDisposalGas OvenGas RangeGas Water HeaterMicrowaveRefrigeratorWater To RefrigeratorWater PurifierDryerWasher Common Walls 1 Common Wall Cooling Central AirElectric Cooling YN Yes Door Features Mirrored Closet Door(S)Sliding Doors Fireplace Features Family RoomFree StandingGasOutside Fireplace YN Yes Flooring StoneTileWood Heating ElectricForced AirFireplace(S)Heat Pump Heating YN Yes Interior Features Ceiling Fan(S)Crown MoldingCoffered Ceiling(S)Granite CountersOpen FloorplanPaneling/WainscotingRecessed LightingWired For DataAll Bedrooms DownBedroom On Main Level Window Features Double Pane Windows

Property Features

Additional Parcels YN No Cable Tv Expense 3480 Cap Rate 4.03 Common Interest None Community Features Curbs Contingency Private Remarks: All Offers Need To Be Emailed : Cover Letter With Contact infoProof Of Funds & Other info. The Property information Herein is Derived From Various Sources That May includebut Not Be Limited ToCounty Records And The Multiple Listing ServiceAnd it May include Approximations. Although The information is Believed To Be AccurateIt is Not Warranted And You Should Not Rely Upon it Without Personal Verification. Buyer is Advised To independently Verify The Accuracy Of That informat Electric Electricity - On Property Electric Expense 3600 Exclusions Furnishings Fuel Expense 1200 Garage YN Yes Gross Income 0 Gross Scheduled Income 451000 Insurance Expense 3000 Land Lease YN No Laundry Features Washer HookupGas Dryer HookupInsideIn Kitchen Levels One Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New LoanOwner May CarrySubmit Maintenance Expense 3100 Net Operating Income 322075 New Construction YN No New Taxes Expense 86745 Number Of Separate Gas Meters 1 Number Of Separate Water Meters 2 Operating Expense 128925 Other Expense 2500 Pest Control Expense 600 Rent Control YN No Senior Community YN No Sewer Sewer Tap Paid Special Listing Conditions Standard Supplies Expense 4800 Total Actual Rent 416400 Trash Expense 0 Utilities Cable AvailableCable ConnectedElectricity AvailableElectricity ConnectedNatural Gas AvailableNatural Gas ConnectedPhone AvailableSewer AvailableSewer ConnectedUnderground UtilitiesWater AvailableWater Connected Water Sewer Expense 2850 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-07T22:25:58.48. 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 deemed reliable but is not guaranteed accurate by the MLS or American Real Estate List & Sell. Licensed in the State of California, USA.
 
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American Real Estate List & Sell
6391 Magnolia Ave., B20
Riverside CA, 92505
Listing Agent(s): Carl Wuestehube of Tri-Star Realty (800-621-4258)