363 Park AVE Active Save Request In-Person Tour Request Virtual Tour
Laguna Beach,CA 92651
Key Details
Property Type Commercial
Sub Type Commercial/Residential
Listing Status Active
Purchase Type For Sale
Square Footage 4,261 sqft
Price per Sqft $1,076
Subdivision The Village (Vil)
MLS Listing ID LG24154092
HOA Y/N No
Year Built 1923
Lot Size 6,172 Sqft
Acres 0.1417
Property Description
Unique investment property in the heart of downtown Laguna Beach, just 2 blocks from Forest Avenue Promenade, Hotel Laguna and Main Beach (Walkscore 97). Property consists of a triplex at 502/504 Goff Street -- plus 3 standalone bungalows at 363, 371 and 379 Park Avenue. Triplex has a larger ocean view penthouse apartment upstairs, a studio underneath, as well as a 2nd, non-conforming studio at street level. Plans have been submitted to expand the non-conforming studio into a larger Auxiliary Dwelling Unit (ADU). This plan includes expanding the neighboring legal studio into a 1-bedroom unit with higher rent potential. ADU expansion plans would convert the existing 2-car garage. New owner may complete the ADU approval and finish it out as desired. The 3 bungalows are among the original "Olympic Cottages," brought to Laguna after the Los Angeles Olympics in the 30s and completely restored with updated kitchens and baths. These cottages are not on the historic register, but are on the city Historic Inventory with a rating of E (Exceptional) - meaning that they could be historically registered, and under the Mills Act, could benefit from substantially reduced property taxes. The upstairs 3-bedroom apartment at 504 Goff is approximately 1273 square feet and has a large private deck in the rear and ocean views from the front. Each of the standalone bungalows is 1 or 2 bedrooms with wood-burning fireplace, private laundry, front porch and private rear deck. In addition to architectural plans for the ADU apartment and lot partitioning, owner has modernized the electrical systems for all the units.
Location
State CA
County Orange
Area Lv - Laguna Village
Interior
Laundry Inside
Exterior
Garage Spaces 2.0
Pool None
Community Features Biking,Curbs,Hiking,Park,Sidewalks,Street Lights,Urban
View Y/N Yes
View City Lights,Hills,Ocean
Private Pool No
Building
Lot Description Back Yard,Near Public Transit,Park Nearby,Walkstreet
Story 2
Sewer Public Sewer,Sewer Paid
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Special Listing Condition Standard
Confidential INFO
TERMS Cash,Cash To New Loan
LIST AGRMT Exclusive Right To Sell
LIST SERVICE Full Service
SHOW CONTACT TYPE Agent
SHOW CONTACT NAME Chris
SHOW CONTACT PH 9492850509
SHOW INSTRUCTIONS Contact Chris at 949.285.0509 for viewing information. Please do not disturb tenants. Property currently has 5 legal units with a 6th non-conforming studio, which is being expanded and legitimized as an ADU. ADU plans include adding square footage to the already legal neighboring studio. Both units will be 1-bedroom per the plan. All 6 units are currently rented under market: pro-forma rents as-is are $23,825 monthly = $285,900 annual, with ADU/expansion $311,700 annual. Neighboring parcel contains 2 cottages identical to the 3 on this property; they are being remodeled by the same owner and may also be for sale - please call for details.