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150 Cress Street

Laguna Beach, CA 92651
  • $7,995,000
  • STATUS: Active
  • ON SITE: 97 Days
  • MLS #: OC22033327
UPDATED: 28 min ago
$7,995,000
  • 8
    BEDS
  • 0.17
    ACRES
  • 5
    BATHS
  • 1
    1/2 BATHS
  • 3,215
    SQFT
  • $2,487
    $/SQFT
Neighborhood:
Type:
Single-Family Home
Built:
2007
County:

School Ratings & Info

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


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.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-28T15:31:45.543. 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 Desert Area Homes For Sale | Premier Properties. Licensed in the State of California, USA.
www.desertareahomesforsale.com/homes/125987482
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150 Cress Street Laguna Beach, CA 92651

  • Price: $7,995,000
  • Status: Active
  • On Site: 97 Days
  • Updated: 28 min ago
  • MLS #: OC22033327
8
Beds
5
Baths
1
½ Baths
0.17
Acres
3,215
SQFT
$2,487
$/SQFT
2007
Built
Neighborhood:
The Village (Vil)
County:
Orange
Area:
LV - Laguna Village
School District:
Laguna Beach Unified
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.
Exterior Features

Architectural Style Cottage Attached Garage YN Yes Carport Spaces 0 Construction Materials Wood Siding Entry Location Ground Level Lot Features Bluff Open Parking Spaces 3 Parking Features One SpaceSee Remarks Parking Total 6 Patio And Porch Features Concrete Pool Features None Pool Private YN No Property Attached YN No Road Surface Type Maintained Roof Composition Sign On Property YN No Spa Features None Spa YN No View CoastlineOceanPanoramicWater View YN Yes Waterfront Features Beach FrontOcean Side Of Highway

Interior Features

Accessibility Features None Appliances Exhaust FanRefrigerator Common Walls No Common Walls Cooling Central Air Cooling YN Yes Fireplace Features GasLiving Room Fireplace YN Yes Flooring Stone Heating Central Heating YN Yes Interior Features Granite Counters Main Level Bathrooms 6 Main Level Bedrooms 8

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Common Interest None Community Features Curbs Garage YN Yes Land Lease YN No Laundry Features Inside Lease Considered YN No Levels One Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan New Construction YN No Number Of Units In Community 1 Property Sub Type Single Family Residence Senior Community YN No Sewer Sewer Tap Paid Special Listing Conditions Standard Structure Type Triplex Utilities Sewer Connected Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-28T15:31:45.543. 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 Desert Area Homes For Sale | Premier Properties. Licensed in the State of California, USA.
 
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Desert Area Homes For Sale | Premier Properties
78115 Calle Estado #104
La Quinta CA, 92253
Listing Agent(s): Carl Wuestehube of Tri-Star Realty (800-621-4258)