150 Cress Street, Laguna Beach, CA

$7,995,000

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8

Beds

6

Baths

3,215

Square feet

0.17

Acres

Listing Agent
Carl Wuestehube - Tri-Star Realty

150 Cress Street Listing Summary

150 Cress Street, MLS#: OC22033327 is located in the The Village (VIL) neighborhood of Laguna Beach, CA, Zip Code: 92651. The home is an ample 3,215 sq. ft., with 8 bedrooms and 6 bathrooms, along with 3 garages. The Residential, property was constructed in 2007 and has been on the market for 136 days. The property is currently listed at $7,995,000.

About 150 Cress Street

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.

Features of 150 Cress Street

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
View Panoramic, Coastline, Ocean, Water
Is Waterfront No
Waterfront Beach Front, Ocean Side Of Highway
Has Pool No
Pool None

Interior

Interior Stone
Interior Features Granite Counters
Appliances Exhaust Fan, Refrigerator
Heating Central
Cooling Central Air
Has Basement No
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 136
Foreclosure No
Short Sale No
RE / Bank Owned No
HOA Fees 0.00

Listing Details

AgentCarl Wuestehube
OfficeTri-Star Realty

Listing Map

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