150 Cress Street, Laguna Beach, CA

$7,995,000

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0.17

Acres

Listing Agent
Carl Wuestehube - Tri-Star Realty

About 150 Cress Street

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.

Features of 150 Cress Street

MLS® # OC22167018
Price $7,995,000
Bathrooms 0.00
Acres 0.17
Year Built 2007
Type Residential Income
Style Contemporary
Status Active

Community Information

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

Amenities

Utilities 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
Parking Spaces 6
Parking Door-Multi, Door-Single, Garage Faces Front, Garage
# of Garages 3
Garages Door-Multi, Door-Single, Garage Faces Front, Garage
View Catalina, City Lights, Coastline, Mountain(s), Ocean
Is Waterfront No
Waterfront Ocean Side Of Freeway
Has Pool No
Pool None

Interior

Interior Stone, Tile, Wood
Interior Features Ceiling Fan(s), Crown Molding, Granite Counters, Open Floorplan, Paneling/Wainscoting, Recessed Lighting, Wired for Data, All Bedrooms Down, Bedroom on Main Level, Coffered Ceiling(s)
Appliances Dishwasher, Gas Cooktop, Disposal, Gas Oven, Gas Range, Gas Water Heater, Microwave, Refrigerator, Water To Refrigerator, Water Purifier, Dryer, Washer
Heating Electric, Forced Air, Fireplace(s), Heat Pump
Cooling Central Air, Electric
Has Basement No
Fireplace Yes
Fireplaces Family Room, Free Standing, Gas, Outside
# of Stories 1
Stories One

Exterior

Exterior Stucco, Wood Siding, Copper Plumbing
Exterior Features Fire Pit
Lot Description Bluff
Windows Double Pane Windows
Roof Composition, Shingle
Construction Stucco, Wood Siding, Copper Plumbing

Additional Information

Date Listed July 29th, 2022
Days on Market 14
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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