A 12-unit multifamily property in Laguna Beach has changed hands and could be further developed and remodeled.
Laguna Terrace at 2200 S. Coast Highway in Laguna Beach was recently sold to an undisclosed private investor for $5.1 million, or $1,093 per square foot and $425,000 per unit.
CBRE brokered the deal and did not disclose the name of the seller. However, CoStar data shows Mission Viejo-based Pacific Moon Real Estate as the buyer and new owner. Data also shows an individual investor, Glenn Yamaguchi, as the seller.
The multifamily property was sold as part of a 1031 Exchange, which allows an investor to defer capital gains taxes when swapping one investment property for another.
The property, according to CBRE, is zoned to allow the buyer to explore additional development or remodeling options. It is located steps away from the coast and is about a mile north of Montage Laguna Beach.
CBRE Executive Vice President Dan Blackwell, in a statement, said Laguna Terrace went into escrow two days after being placed on the market.
The deal was completed within 51 days, per CBRE.
“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,” Jack O’Connor, an associate with CBRE, said in a statement.
Mike O’Neill, CBRE’s first vice president, added Laguna Terrace was placed on the market for the first time in 22 years.
Laguna Terrace was built in 1939 as a four-building property sitting on 0.52 acres and three adjacent lots. The 4,664-square-foot multifamily property features 10 studios and two one-bedroom units. Eight of the 12 units feature ocean views.
