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150 Cress Street

Laguna Beach, CA 92651

8 beds
6 baths
2,879 sqft
7,241 sqft lot
$2,865 per sqft
2007 build
– on site

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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.

Listed By CRMLS_CA / Carl Wuestehube / Tri-Star Realty

Last checked: Checking… • Last updated Jun 20, 2023 •

MLS# OC23063295 —

The Building

Year Built:

2007
Year Built Source:

See Remarks
New Construction:

No
Construction Materials:

Wood Siding
Architectural Style:

Cottage
Roof:

Composition
Structure Type:

House
Entry Level:

1
Patio:

1
Patio And Porch Features:

Concrete, Patio Open, Slab
Accessibility Features:

None
Common Walls:

No Common Walls
Total Number Of Units:

1
Stories Total:

1

Interior

Features:

Ceiling Fan(s), Furnished, Granite Counters, Recessed Lighting
Levels:

One
Entry Location:

Ground Level
Kitchen Features:

Granite Counters, Kitchen Island, Kitchen Open to Family Room, Kitchenette, Pots & Pan Drawers, Remodeled Kitchen
Eating Area:

Breakfast Counter / Bar, In Kitchen
Door Features:

French Doors
Window Features:

Custom Covering
Flooring:

Stone
Room Type:

All Bedrooms Down, Living Room
Living Area Units:

Square Feet
Living Area Source:

Other
Fireplace:

Yes
Fireplace:

Living Room, Gas
Laundry:

Inside
Laundry:

1

Room Dimensions

Living Area:

2879.00

Financial & Terms

Disclosures:

Conditional Use Permit

Location

Directions:

Cross Streets: Cress St/ Gaviota Dr
Latitude:

33.53219200
Longitude:

-117.77635500

The Property

Property Type:

Residential
Subtype:

Single Family Residence
Lot Features:

0-1 Unit/Acre
Lot Size Area:

7241.0000
Lot Size Acres:

0.1662
Lot Size SqFt:

7241.00
Lot Size Source:

Public Records
View:

1
View:

Coastline, Ocean, Panoramic, Water, White Water
Fencing:

Wrought Iron
Fence:

Yes
Security Features:

Smoke Detector(s)
Additional Parcels:

No
Land Lease:

No
Lease Considered:

No

Listing Agent

Contact info:

Taxes

Tax Model:

C
Tax Tract:

415
Tax Lot:

14

Beds

Total Bedrooms:

8
Main Level Bedrooms:

3

Baths

Total Baths:

6
Bathroom Features:

Shower in Tub, Exhaust fan(s)
Full & Three Quarter Baths:

5
Main Level Baths:

3
Full Baths:

5
Half Baths:

1

The Listing

Buyer's Brokerage Compensation:

2.000%
Special Listing Conditions:

Standard
Buyer's Brokerage Compensation:

$2
Parcel Number:

64407406

Heating & Cooling

Heating:

1
Heating:

Central
Cooling:

Yes
Cooling:

Central Air

Utilities

Utilities:

Cable Available, Electricity Available, Natural Gas Available, Sewer Connected, Water Available
Sewer:

Sewer Paid
Water Source:

Public

Appliances

Appliances:

Barbecue, Built-In Range, Convection Oven, Dishwasher, Freezer, Gas Oven, Gas Cooktop, Ice Maker, Microwave, Recirculated Exhaust Fan, Refrigerator
Included:

Yes

Schools

High School District:

Laguna Beach Unified

The Community

Subdivision:

The Village (VIL)
Subdivision:

The Village (VIL)
Senior Community:

No
Features:

Curbs
Pool:

None
Private Pool:

No
Spa Features:

None
Association:

No
Assessments:

Yes
Assessments:

Unknown

Parking

Parking:

Yes
Parking:

Parking Space, See Remarks
Parking Spaces:

2.00
Uncovered Spaces:

2.00

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Air Pollution Index

Provided by ClearlyEnergy

Utility Costs

$104/mo.

Estimate provided by ClearlyEnergy

View a full report

Sale history

Date	Event	Source	Price
6/5/23 Jun 5, 2023		BRIDGE	$8,498,000
5/6/23 May 6, 2023	Pending	CRMLS_CA	$8,498,000
5/4/23 May 4, 2023	Sold Subject To Contingencies	CRMLS_CA	$8,498,000

House Sold on 6/19/2023

$8,250,000

Listing provided by broker:

Carl Wuestehube

Tri-Star Realty

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Listing Courtesy of: CRMLS_CA and Tri-Star Realty. Based on information from California Regional Multiple Listing Service, Inc. as of 06:44 on Apr 26.

This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

The offer of compensation listed above is made to, and can only be accepted by, participants of the multiple listing service in which this listing is filed.

150 Cress Street

Laguna Beach, CA 92651