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150 Cress Street

Laguna Beach, CA 92651
  • $7,995,000
  • STATUS: Active
  • ON SITE: 21 Days
  • MLS #: OC22166113
UPDATED: 55 min ago
$7,995,000
  • 8
    BEDS
  • 0.17
    ACRES
  • 5
    BATHS
  • 1
    1/2 BATHS
  • 3,483
    SQFT
  • $2,295
    $/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: Laguna Vista, Cress Point and Laguna Point. 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. These three spectacular beach villas generated income well over $400K in 2021 as vacation rentals, and we believe it can exceed over $450K in income for 2022. Villas offer a viable 1031 exchange for your investment dollars & 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 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. Further, potential to add second story to capture mesmerizing view of Laguna Beach Coastal line, Catalina Island, beautiful hills of Laguna beach and surrounding areas.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-19T20:34:37.62. 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/131362295
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150 Cress Street Laguna Beach, CA 92651

  • Price: $7,995,000
  • Status: Active
  • On Site: 21 Days
  • Updated: 55 min ago
  • MLS #: OC22166113
8
Beds
5
Baths
1
½ Baths
0.17
Acres
3,483
SQFT
$2,295
$/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: Laguna Vista, Cress Point and Laguna Point. 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. These three spectacular beach villas generated income well over $400K in 2021 as vacation rentals, and we believe it can exceed over $450K in income for 2022. Villas offer a viable 1031 exchange for your investment dollars & 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 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. Further, potential to add second story to capture mesmerizing view of Laguna Beach Coastal line, Catalina Island, beautiful hills of Laguna beach and surrounding areas.
Exterior Features

Architectural Style Cottage Carport Spaces 0 Construction Materials Wood Siding Entry Location Ground Level Fencing Wrought Iron Lot Features 0-1 Unit/Acre Open Parking Spaces 2 Parking Features One SpaceSee Remarks Parking Total 2 Patio And Porch Features ConcreteOpenPatio Pool Features None Pool Private YN No Property Attached YN No Roof Composition Sign On Property YN No Spa Features None Spa YN No View CoastlineOceanPanoramicWater View YN Yes

Interior Features

Accessibility Features None Appliances Built-In RangeBarbecueConvection OvenDishwasherExhaust FanFreezerGas CooktopGas OvenIce MakerMicrowaveRefrigerator Common Walls No Common Walls Cooling Central Air Cooling YN Yes Door Features French Doors Fireplace Features GasLiving Room Fireplace YN Yes Flooring Stone Heating Central Heating YN Yes Interior Features Ceiling Fan(S)FurnishedGranite CountersRecessed LightingAll Bedrooms Down Main Level Bathrooms 3 Main Level Bedrooms 3 Window Features Custom Covering(S)

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Common Interest None Community Features Curbs Contingency Private Remarks: All Offers Need To Be Emailed : Cover Letter With Contact infoproof Of FundsSupporting DocumentsEtc.The Property information Herein is Derived From Various Sources That May includebut Not Be Limited ToCounty Records And The Multiple Listing ServiceArchitect Floor PlanAnd 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 Ver Disclosures Conditional Use Permit Garage YN No Land Lease YN No Laundry Features Inside Lease Considered YN No Levels One Listing Agreement Seller Reserved Listing Service Full Service Listing Terms CashConventional New Construction YN No Property Sub Type Single Family Residence Security Features Smoke Detector(S) Senior Community YN No Sewer Sewer Tap Paid Special Listing Conditions Standard Structure Type House Utilities Cable AvailableElectricity AvailableNatural Gas AvailableSewer ConnectedWater Available Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-19T20:34:37.62. 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)