150 Cress Street Laguna Beach, 92651

Bedrooms:
8
Bathrooms:
6
Square Feet:
3,483 sqft
Price $7,995,000 .00
Approx /month
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Sale Price:
$7,995,000
Loan Type:
Conventional - 5% down
FHA - 3.5% down
VA - 0% down
Additional $ Down:
Total Down Payment:
Loan Term: (years)
Interest Rate: (%)
Property Tax: (year)
$0
Insurance: (year)
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Virtual Tour of 150 Cress Street , Laguna Beach 92651

Property Description

Incredible Value! Spectacular Beach Location! Best Potential! This gated World Class Laguna Beach residential family compound consists of 3 beautiful beach villas: Laguna Vista, Cress Point and Laguna Point. 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 property with versatile options such as a family complex, multiple lucrative income producing beach villas, or both. It offers 3 lovely single-level villas which include a total of 8 bedrooms, 5 full baths plus a half-bath. Mixes of three villas include 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 areas 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. These villas generated income well over $400K in 2021, and we believe income can exceed over $450K in 2022. Villas offer a viable 1031 exchange for your investment dollars & 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 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. Further, potential to add second story to capture mesmerizing view of Laguna Beach Coastal line, Catalina Island, beautiful hills of Laguna beach and surrounding areas.

General Information

Listing Attribution:
Tri-Star Realty
Listing Agent:
Carl Wuestehube
CalBRE#:
00634943
Price:
$7,995,000
Status:
Active
Listing Updated:
9/23/2022
List Date:
7/28/2022
Close Date
Square Feet:
3,483
Bedrooms:
8
Bathrooms:
6
Garage Spaces:
0.00
Year Built:
2007
City:
Laguna Beach
Zip:
92651
County:
Orange
MLS ID:
OC22166113
Buyer Agency Compensation:
2.500%
Buyer Agency Compensation Disclaimer:
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.

Home Features

Interior Features:
Ceiling Fan(s), Furnished, Granite Counters, Recessed Lighting, All Bedrooms Down
Exterior Features:
Appliances:
Built-In Range, Barbecue, Convection Oven, Dishwasher, Exhaust Fan, Freezer, Gas Cooktop, Gas Oven, Ice Maker, Microwave, Refrigerator
Flooring:
Stone
Laundry:
Inside
Architectural Style:
Cottage
Levels:
One
Fireplace Features:
Gas, Living Room
Cooling:
Central Air
Heating:
Central
Utilities:
Cable Available, Electricity Available, Natural Gas Available, Sewer Connected, Water Available
Pool Type Features:
None
Spa Features:
None
Construction Materials:
Wood Siding
Roofing:
Composition
Water Source:
Public
Sewage:
Sewer Tap Paid
Accessibility Features:
None

Community Information

MLS Area:
LV - Laguna Village

Lot Information

Lot Size (sq feet):
7,241

Location Information

Directions:
Cross Streets: Cress St/ Gaviota Dr