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.
Cable Available, Cable Connected, Electricity Available, Electricity Connected, Natural Gas Available, Natural Gas Connected, Phone Available, Sewer Available, Sewer Connected, Underground Utilities, Water Available, Water Connected
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
Dishwasher, Gas Cooktop, Disposal, Gas Oven, Gas Range, Gas Water Heater, Microwave, Refrigerator, Water To Refrigerator, Water Purifier, Dryer, Washer
You are viewing the for at 150 Cress Street with the MLS® OC23063283 on Previewochomes.com. This at 150 Cress Street, . 92651 is located in the Main Beach (BCH) subdivision and is currently for featuring and listed for sale at $8,498,000. This for at 150 Cress Street with the MLS® # OC23063283 has been listed since 2023-04-15.
Please contact us for additional information and assistance.
| Date | Details | Change |
|---|---|---|
| Status Changed from Pending to Closed | – | |
| Status Changed from Active Under Contract to Pending | – | |
| Status Changed from Active to Active Under Contract | – |
Based on information from California Regional Multiple Listing Service, Inc. as of April 29th, 2024 at 11:25am PDT. 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, 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 Listed By: Carl Wuestehube of Tri-Star Realty
