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150 Cress Street Laguna Beach, CA 92651
$7,995,000

Property listed by Tri-Star Realty, Carl Wuestehube. IDX Contact: 800-621-4258

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  • David Oronoz

    David Oronoz

    Principal | Multifamily Investments

    DRE# 01838862

  • Bobby Aschtiani

    Bobby Aschtiani

    Principal | Multifamily Investments

    DRE# 02048373

  • Chris Pettit

    Chris Pettit

    Founder

    DRE# 01983950

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 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 & 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.

Property Details & Features

Property Type

  • Residential Income

Year Built

  • 2007

Property Access

  • City Street
  • Paved

Appliances and Equipment

  • Dishwasher
  • Gas Cooktop
  • Disposal
  • Gas Oven
  • Gas Range
  • Gas Water Heater
  • Microwave
  • Refrigerator
  • Water To Refrigerator
  • Water Purifier
  • Dryer
  • Washer

House

  • 1 total stories
  • Built in 2007
  • Stories: 1
  • 3483 total building sqft
  • Contemporary
  • 1 Common Wall
  • Stucco
  • Wood Siding
  • Copper Plumbing
  • One

Community

  • Curbs

Cooling

  • Central Air
  • Electric

Doors

  • Mirrored Closet Door(s)
  • Sliding Doors

Disability Features

  • Parking

Expenses

  • Electric Expense: $3,600
  • Fuel Expense: $1,200
  • Insurance Expense: $3,000
  • Maintenance Expense: $3,100
  • Operating Expense: $128,925
  • Other Expense: $2,500
  • Pest Control Expense: $600
  • Water Sewer Expense: $2,850

Exterior Features

  • Fire Pit

Fence

  • Wrought Iron

Fireplaces

  • Family Room
  • Free Standing
  • Gas
  • Outside

Floors

  • Stone
  • Tile
  • Wood

Garage

  • 3 garage spaces

Water

  • Ocean Side Of Freeway

Heating

  • Electric
  • Forced Air
  • Fireplace(s)
  • Heat Pump

Income

  • Gross Income: 0
  • Gross Scheduled Income: 451000
  • Net Operating Income: 322075

Interior Features

  • 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

Laundry

  • Washer Hookup
  • Gas Dryer Hookup
  • Inside
  • In Kitchen

Listing

  • Listing ID: OC22167018
  • 15 days on market
  • Listed on 2022-07-29

Location

  • County: Orange
  • Subdivision: Main Beach (BCH)

Lot

  • 7241 sqft
  • 0.1662 acres
  • Area: 7241
  • Dimensions: 73×100
  • Bluff

Parking

  • 3 open parking spaces
  • 6 total parking spaces
  • Door-Multi
  • Door-Single
  • Garage Faces Front
  • Garage

Property

  • 2 buildings
  • 3 units
  • Property attached
  • Catalina
  • City Lights
  • Coastline
  • Mountain(s)
  • Ocean

Roof

  • Composition
  • Shingle

Sewer

  • Sewer Tap Paid

Taxes

  • New Taxes: $86,745

Utilities

  • Electricity – On Property
  • 3 separate electric meters
  • 2 separate water meters
  • 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

Windows

  • Double Pane Windows

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