150 Cress Street, Laguna Beach, California 92651, Laguna Beach, - bed, bath

home-pic
ACTIVE$8,495,000
150 Cress Street, Laguna Beach, California 92651
0Bed
0Bath
3,300Sqft
7,241Lot
Year Built
1955
Close
-
List price
$8.49M
Original List price
$8.99M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
OC25017251
Home ConditionGood
Features
Good View:
Patio
View-

About this home

FULLY FURNISHED, PERMITTED VACATION RENTAL TRIPLEX WITH OCEAN VIEWS ONLY STEPS TO CRESS STREET BEACH! Motivated seller has already purchased his next investment! This is one of the most desirable properties, and 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! Super Host Accounts with AirBNB and VRBO included. The minimum occupancy can routinely reach 75-80% in this location, which ca!n earn in excess of $500,000 annually! Currently, the seller has also enjoyed using the property, therefore occupancy has been closer to 60%, with more than $400,000 in annual income. 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 primary villa, a sophisticated single-level residence offering 3 spacious bedrooms and 2.5 opulent baths. This villa includes a private 1-car garage and a gated driveway accommodating up to 3 vehicles. The additional 2 villas, separated by only one common wall featuring 3 bedrooms and 2 baths, and 2 bedrooms with 1 bath respectively, share a 2-car garage, accessible from Oceanfront street, ensuring privacy and tranquility to the primary villa. Each villa is fully furnished, exuding luxury and comfort, providing guests with an idyllic beach vacation experience year-round. All 3 villas can be found on AirBNB at airbnb.com/h/cresspoint airbnb.com/h/lagunapoint

Neighborhood Comparison

 SubjectAverage HomeNeighbourhood Ranking (12 Listings)
Beds05
Baths04
Square foot3,3001,827
92%
Lot Size7,2413,920
85%
Price$8.49M$2.5M
92%
Price per square foot$2,574$1,495
92%
Built year19551945
77%
HOA
Days on market272173
92%
Condition Rating
Good

The property, built in 1955, appears to be well-maintained and updated. The kitchens and bathrooms show modern features and styles, suggesting renovations have occurred. While not brand new, the overall condition from the images indicates a move-in ready state with minimal visible wear and tear.
Pros & Cons

Pros

Prime Location: Steps away from Cress Street Beach, one of the most desirable locations in Laguna Beach, offering high desirability for vacation rentals.
Income Potential: Proven income-generating property with potential to earn in excess of $500,000 annually as a permitted vacation rental triplex.
Fully Furnished: All three villas are fully furnished, providing a turnkey solution for immediate rental income generation.
Triplex Configuration: The property features a desirable triplex configuration with a single-family residence style villa and a separate duplex, offering diverse rental options.
Established Rental Accounts: Includes Super Host accounts with AirBNB and VRBO, providing an immediate platform for marketing and bookings.

Cons

Year Built: Built in 1955, the property may require ongoing maintenance and potential upgrades to meet modern standards.
Lot Size: The lot size is 7241 sqft, which might be considered small for a triplex in this price range, potentially limiting outdoor space and expansion possibilities.
Price Reduction: The property has experienced a price reduction from its original list price, which could indicate market resistance or perceived overpricing.

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