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Laguna Beach,CA 92651
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