This rare opportunity to own a mixed use historic landmark in the heart of Laguna Beach just 50' from the beach, is a prime investment opportunity with excellent ROI, long term appreciation and cash flow from stable tenants. The property was completely renovated in 2007 and consists of 4 upgraded retail units and 5 fully furnished, air conditioned luxury apartments(4 2BR/2BA, 1 Studio), most with ocean views. $1.1 million invested by owners in addition to $500k+ in TI's by strong corporate tenants Billabong and Vans Shoes. The property is 100% leased with historically few vacancies. The retail spaces have not had a vacancy for 18 years! Fronting the ocean side of Coast Highway, the property is in the heart of downtown with renowned shops, art galleries, restaurants and miles of pristine beaches drawing 3 million visitors annually. Historical 'E' rating qualifies property to be considered for up to 50% property tax relief, yielding an adjusted cap rate projection of 5.23%.
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