$8,250,000
$8,498,000
2.9%For more information regarding the value of a property, please contact us for a free consultation.
8 Beds
6 Baths
2,879 SqFt
SOLD DATE : 06/19/2023
Key Details
Sold Price $8,250,000
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Sold
Purchase Type For Sale
Square Footage 2,879 sqft
Price per Sqft $2,865
Subdivision The Village (Vil)
MLS Listing ID OC23063295
Sold Date 06/19/23
Bedrooms 8
Full Baths 5
Half Baths 1
HOA Y/N No
Year Built 2007
Lot Size 7,239 Sqft
Property Description
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.
Location
State CA
County Orange
Area Lv - Laguna Village
Rooms
Main Level Bedrooms 3
Interior
Interior Features Breakfast Bar, Ceiling Fan(s), Eat-in Kitchen, Furnished, Granite Counters, Recessed Lighting, All Bedrooms Down
Heating Central
Cooling Central Air
Flooring Stone
Fireplaces Type Gas, Living Room
Fireplace Yes
Appliance Built-In Range, Barbecue, Convection Oven, Dishwasher, Exhaust Fan, Freezer, Gas Cooktop, Gas Oven, Ice Maker, Microwave, Refrigerator
Laundry Inside
Exterior
Parking Features One Space, See Remarks
Fence Wrought Iron
Pool None
Community Features Curbs
Utilities Available Cable Available, Electricity Available, Natural Gas Available, Sewer Connected, Water Available
View Y/N Yes
View Coastline, Ocean, Panoramic, Water
Roof Type Composition
Accessibility None
Porch Concrete, Open, Patio
Total Parking Spaces 2
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 1
Entry Level One
Sewer Sewer Tap Paid
Water Public
Architectural Style Cottage
Level or Stories One
New Construction No
Schools
School District Laguna Beach Unified
Others
Senior Community No
Tax ID 64407406
Security Features Smoke Detector(s)
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash
Special Listing Condition Standard
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Bought with Derek Larson • Compass RE Group
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "