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10/10/24
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Laguna Terrace, a 12-unit multifamily property at 2200 S. Coast Highway in Laguna Beach, was acquired for $5.1 mil ($425k/unit) by a private investor. The property comprises four separate buildings across three adjacent lots, totaling 0.52 acres.
Built in 1939, the 4.7k sf property consists of features 12 units -- 10 studio apartments and two one-bedroom units. The buildings include a sixplex, triplex, duplex, and a single-family one-bedroom residence. Eight of the 12 units offer ocean views. Amenities include community laundry facilities, a community shower and bathroom, three separate storage rooms, and 14 parking spaces (eight garage and six open).
Dan Blackwell, Mike O’Neill and Jack O’Connor with CBRE represented both the seller, a private investor from Laguna Beach, and the buyer, a repeat all-cash investor from South Orange County. Both parties were involved in a 1031 exchange. According to Blackwell, the property went into escrow just two days after hitting the market.
“The buyer had sold a short-term rental in another market and wanted us to find a prime Coastal Orange County asset to complete his 1031 exchange,” said O’Connor. “Laguna Terrace sits directly on the Coast Highway, across the street from some of Laguna's most beautiful coves, Moss Point and Woods Cove, and within walking distance to beaches, retail, restaurants, and more.”
“The buyer has the potential to increase rental income through renovations, which could raise the cap rate from 4.12% to 5.49%,” O’Connor noted. “With all tenants on month-to-month leases, the buyer retains flexibility.”
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