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Ernie Caponera

ernie@newport-properties.com +1(714) 606-0926

$4,585,000

Est. payment - /mo

6,172 Sqft Lot

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UPDATED:

11/16/2024 09:34 PM

Key Details

Property Type Multi-Family

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Subdivision The Village (Vil)

MLS Listing ID LG24154092

HOA Y/N No

Year Built 1923

Lot Size 6,172 Sqft

Property Description

Unique multi-structure residential property in the heart of downtown Laguna Beach, less than 2 blocks from Forest Avenue Promenade, Hotel Laguna and Main Beach (Walkscore 97)! Property includes 4 structures - a larger 2-level main home on 504 Goff Street, PLUS 3 separate income-generating cottages or guest houses on Park Avenue! Currently there are six tenants on property - this is a rare income opportunity with great cash flow in the downtown district and potential upside.

The single-family home on Goff now serves as a non-conforming triplex, with 2 street-level studios rented separately. One or both of the studios could be reconnected to the upstairs living space to create a larger SFR if desired. The main home has 3 bedrooms and 2 bathrooms on the upper level, all recently remodeled, with ocean views from the main living spaces, a large deck in the rear and a covered patio and yard. At street level is a studio/bedroom with bathroom and kitchenette and a separate entrance, detached from the upstairs space. Also at street level is a second studio/office with bathroom. Plus a 2-car garage. Plans have been submitted to the city to recognize one of the studios as an Auxiliary Dwelling Unit (ADU). Altogether the home on Goff has about 1903 square feet of living space - upstairs space is approximately 1273, the larger studio about 414, and the smaller studio about 216. In addition to the 2-car garage, there are 2 off-street private parking spaces, meeting current requirements for the ADU.

In addition to the larger home. on Goff, the property includes 3 separate standalone bungalows at 363, 371 and 379 Park Avenue. These bungalows are some of the original "Olympic Cottages," brought to Laguna after the LA Olympics in the 30s and completely restored with updated kitchens and baths. They are all rented separately. While iconic in Laguna Beach, these cottages are not on the historic register, but are on the city Inventory with a rating of E (Exceptional) - meaning that they could be registered, and under the Mills Act, might benefit from substantially reduced property taxes. Each of the standalone bungalows is 1 or 2 bedrooms with wood-burning fireplace, private laundry, front porch and private rear deck. Each standalone bungalow is approx. 659, 692 and 706 square feet. Rent rolls are available.

The adjoining parcel, 389 & 397 Park Ave, containing 2 similar cottages, plus plans for a 3rd ADU cottage, is available for purchase from the same owner!

Location

State CA

County Orange

Area Lv - Laguna Village

Interior

Fireplace No

Laundry Inside

Exterior

Garage Spaces 2.0

Garage Description 2.0

Pool None

Community Features Biking, Curbs, Hiking, Street Lights, Sidewalks, Urban, Park

View Y/N Yes

View City Lights, Hills, Ocean

Total Parking Spaces 6

Private Pool No

Building

Lot Description Back Yard, Near Park, Near Public Transit, Walkstreet

Story 2

Entry Level One

Sewer Public Sewer, Sewer Tap Paid

Water Public

Level or Stories One

New Construction No

Others

Senior Community No

Tax ID 64401101

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

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Listed by Kenneth (Chris) Guziak • Coldwell Banker Realty • 949-285-0509

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(714) 606-0926

ernie@newport-properties.com

2747 E COAST HWY Unit 200, CORONA DEL MAR, California, 92625, USA

363 Park AVE Laguna Beach, CA 92651

Ernie Caponera

Key Details

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363 Park AVE