506 N. Coast Hwy.

Opportunity knocks! Arabella Laguna is a trophy property under the same ownership since 1976 it accommodates many different uses. Currently it operates as short term rentals, it could be a home with income, family compound or long term rentals. It is located at the North end of gallery row and minutes to Heisler Park, beach, town and shopping. Comprised of two legal parcels,4 buildings, 2 are historic homes. The Myrtle Cottage is 3 bedrooms, 3 baths split into 2 units upstairs is 2 bedrooms, 2 baths, kitchen and sun porch. The downstairs complete with caterer's kitchen and large Verandah,/sun room and 1 bedroom is rented for special events and owners quarters/office. This structure is K rated. The Jacaranda Cottage is a one bedroom one bath single level cottage with large living room, sun porch, kitchen and laundry room it is E rated. They are listed on the inventory of the City of Laguna Beach. They may qualify for Mills Act buyer to do their own investigation. There are two back buildings built in @1940 one with 2 studio apartments and a sleeping room currently used as storage. The other one with 3 one bedroom apartments. There are 8 garages one is converted to laundry and storage. There are 2 other laundry rooms. They all surround a large lushly landscaped courtyard that affords great privacy. Seller will only sell the two parcels together. The income fluctuates because it varies based on the time of year and week. Reservations come through Air BnB, Expedia, Booking.com, Visit Laguna Beach and Arabella Laguna's website. Based on an average of the current daily rates at 100% occupancy the gross income could be projected at $1,300,000 to $1,400,000. The City of Laguna projects the occupancy rate at @75%. It has been operating as short term rentals since 2001 and pays bed tax to the City of Laguna Beach at 14% of the gross income under 31 days. The rare permit could not be obtained again however it is grandfathered and transferable. Sale is subject to a concurrent 1031 exchange.
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