150 Cress Street
150 Cress Street
$8,250,000
8
5
1
2,879
2,879
$2,866
Closed 6/19/23
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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...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 Carl Wuestehube • DRE #00634943 • Brokerage DRE #00634943 • Tri-Star Realty
- Listed by Chas Patterson • DRE #01935216 • Brokerage DRE #02194282 • The Firm Real Estate Services Inc.
Property Details for 150 Cress Street
Architectural Style
Cottage
ViewCoastline, Ocean, Panoramic, Water, White Water
Parking Spaces Total2
Private PoolNo
Cooling TypeCentral Forced Air
Total Units1.0
Building TypeDetached
Lot Size SourcePublic Records
Location
LISTING UPDATED: 06/20/2023 01:21 AM
Property Details for 150 Cress Street
Status | Closed |
---|---|
MLS # | OC23063295 |
Days on Market | 19 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Single Family |
MLS Type | Residential / Single Family Residence |
Year Built | 2007 |
Lot Size | 0.17 AC / 7,241 SF |
County | Orange County |
Location
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Building Information for 150 Cress Street
Stories1Year Built2007Building Size-Lot Size0.17 AC / 7,241 SF
Payment Calculator
$48,548 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 150 Cress Street
Property History for 150 Cress Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 150 Cress Street
Taxable ValueLand$3,563,053Additions$117,216Total$3,680,269
Tax Record2023$42,283 ($3,524 / month)
Home Facts
Total Finished SqFt2,605 SqFtAbove Grade Finished SqFt2,605 SqFtLot Size7,241 SqFtStyleTriplexYear Built1955CountyORANGEAPN644-074-06
Schools near 150 Cress Street
This home is within Laguna Beach Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Private - | K to 3 |
Rating | School | Distance |
---|---|---|
Top Of The World Elementary School PublicK to 5 | ||
Thurston Middle School Public6 to 8 | ||
Laguna Beach High School Public9 to 12 | ||
LEA Stone PrivateK to 3 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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