150 Cress Street, Laguna Beach

$7,995,000

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8 Beds
6 Baths
3,215 Sqft
.17 Acre
3 Garages

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 area’s 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.

Essential Information

MLS® #
OC22033327
Price
$7,995,000
Bedrooms
8
Bathrooms
6.00
Full Baths
5
Half Baths
1
Square Footage
3,215
Acres
0.17
Year Built
2007
Type
Residential
Sub-Type
Single Family Residence
Style
Cottage
Status
Active

Community Information

Address
150 Cress Street
Area
LV - Laguna Village
Subdivision
The Village (VIL)
City
Laguna Beach
County
Orange
State
CA
Zip Code
92651

Amenities

Utilities
Sewer Connected
Parking Spaces
6
Parking
One Space, See Remarks
# of Garages
3
Garages
One Space, See Remarks
Pool
None

View

Panoramic, Coastline, Ocean, Water

Waterfront

Beach Front, Ocean Side Of Highway

Interior

Interior
Stone
Interior Features
Granite Counters
Appliances
Exhaust Fan, Refrigerator
Heating
Central
Cooling
Central Air
Fireplace
Yes
Fireplaces
Living Room, Gas
# of Stories
1
Stories
One

Exterior

Exterior
Wood Siding
Lot Description
Bluff
Roof
Composition
Construction
Wood Siding

School Information

District
Laguna Beach Unified

Additional Information

Date Listed
February 19th, 2022
Days on Market
130
HOA Fees
0.00

Listing Details

Agent
Carl Wuestehube
Office
Tri-Star Realty

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Based on information from California Regional Multiple Listing Service, Inc. as of June 29th, 2022 at 9:18pm 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.