506 N. Coast Hwy., Laguna Beach, CA 92651
- $17,500,000
- List Price
- $17,500,000
- Status
- ACTIVE
- MLS#
- LG26020416
- Year Built
- 1920
- Lot Size
- 13,774
- Acres
- 0.32
- Lot Location
- Corner Lot, Front Yard, Garden, Sprinklers In Rear, Sprinklers In Front, Lawn, Landscaped, Sprinkler System, Trees
- Days on Market
- 175
- Property Type
- Multifamily
- Style
- Bungalow
- Property Sub Type
- Apartment
- Stories
- Two Levels
- Neighborhood
- North Laguna (Nl)
Property Description
Opportunity Knocks. Arabella Laguna is a rare trophy property, held under the same ownership since 1976, offering exceptional versatility and irreplaceable income potential. Currently operating as a highly successful short-term rental compound, it may also serve as a private residence with income, multi generational family compound, or long-term rental investment. Located at the north end of Gallery Row, the property is minutes to Heisler Park, the beach, downtown Laguna Beach, shopping, and dining. Comprised of two legal parcels and four buildings, including two historic cottages listed on the City of Laguna Beach Historic Inventory. Buyers may qualify for Mills Act benefits, subject to their own investigation. The Myrtle Cottage is a 3-bedroom, 3-bath historic residence configured as two units: • Upper level: 2 bedrooms, 2 baths, kitchen, sun porch • Lower level: 1 bedroom with caterer’s kitchen and expansive veranda/sunroom, used for special events and owner’s quarters or office The Jacaranda Cottage is a charming single-level 1-bedroom, 1-bath home with large living room, sun porch, full kitchen, and laundry room. Two additional rear buildings (circa 1940) include two studio apartments, three one-bedroom apartments, and an additional sleeping room currently used as storage. The residences surround a lush, private central courtyard. Amenities include eight garages (one converted to laundry/storage) and three laundry areas. Operating continuously as short-term rentals since 2001, the property benefits from a rare, grandfathered, transferable permit that cannot be obtained again. A 14% Transient Occupancy Tax is paid to the City of Laguna Beach on stays under 31 days. Reservations are generated via Airbnb, Expedia, Booking.com, Visit Laguna Beach, and the property’s private website. Seller will only sell both parcels together. Sale subject to a concurrent 1031 exchange
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Additional Information
- Appliances
- 6 Burner Stove, Barbecue, Convection Oven, Double Oven, Dishwasher, Free-Standing Range, Freezer, Gas Cooktop, Disposal, Gas Oven, Gas Range, Gas Water Heater, Indoor Grill, Microwave, Refrigerator, Tankless Water Heater, Vented Exhaust Fan, Water To Refrigerator, Water Heater
- Pool Description
- None
- Fireplace Description
- Living Room
- Heat
- Combination, Wall Furnace
- Cooling
- Yes
- Cooling Description
- Dual, Electric, High Efficiency, See Remarks, Wall/Window Unit(s)
- View
- Peek-A-Boo, Trees/Woods
- Exterior Construction
- Board & Batten Siding, Drywall, Flagstone, Stucco, Wood Siding
- Roof
- Composition
- Garage Spaces Total
- 8
- Sewer
- Public Sewer
- Water
- Public
- Interior Features
- Beamed Ceilings, Block Walls, Ceiling Fan(s), Crown Molding, Open Floorplan, Pantry, Stone Counters, Storage, Bedroom on Main Level, Galley Kitchen, Walk-In Pantry
- Attached Structure
- Detached
- Number Of Units Total
- 8
- Gross Scheduled Income
- $1,000,000
- Operating Expense
- 188652
Listing courtesy of Listing Agent: Connie Maxsenti (conniemaxsenti@gmail.com) from Listing Office: Coldwell Banker Realty.
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.