58
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$8,249,000
Est. payment /mo
8 Beds
6 Baths
Price Dropped by $1.2M
150 Cress Street Laguna Beach, CA 92651
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Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision The Village (Vil)
MLS Listing ID OC25149783
Bedrooms 8
Property Sub-Type Res Income 2-4 Units
Property Description
PERMITTED VACATION RENTAL TRIPLEX STEPS TO CRESS STREET BEACH WITH INCREDIBLE OCEAN VIEWS, OR AMAZING DEVELOPMENT OPPORTUNITY! MOTIVATED SELLER! Endless options await, a builders dream property, that will allow development of up to 6, 1500sf luxury ocean view condos, valued at $16,500,000, or enjoy the current vacation rental income. Each future condo would easily be valued at $2,500,000 - $3,500,000, and for the savviest investors, even greater returns can be found by offering owner financing. Currently, this is a fully furnished, one-of-a-kind investment property located at one of the most desirable locations in all of Laguna Beach! Presenting the Villas of Laguna Vista. Ideal configuration across 2 individual buildings, on a fully hardscaped 7500sf sf lot, with parking for up to 6 cars. With a 12 year history on AirBNB and VRBO, this property effortlessly fills 60% occupancy each year, and at minimum, earns in excess of $400,000 annually. The potential to see income soar to $500,000+ is certainly within reach, as vacation rental occupancy can routinely reach 75-80% in this highly sought, and world famous travel destination. Few properties can offer options for development, personal use, and high level income, simultaneously. That is correct, this property can be enjoyed by the owner, friends, and family, anytime, year-round, while still earning a minimum of $400,000 every year! Includes a single family residence style villa, and completely separate duplex style villas, right at the doorstep of Cress Street Beach. The centerpiece of this extraordinary ensemble is the prim
Location
State CA
County Orange
Zoning Assessor
Direction From South Coast Highway, turn toward ocean, last property on right by Cress Street Beach staircase
Interior
Fireplace No
Exterior
Utilities Available Sewer Connected
View Y/N No
Building
Story 1
Level or Stories 1
Others
Tax ID 64407406
Virtual Tour https://150Cress.com/
Listed by Derek Larson California Dream Luxury Homes & Investments