363 Park Ave, Laguna Beach, CA 92651

Unique investment property in the heart of downtown Laguna Beach, just 2 blocks from Forest Avenue Promenade, Hotel Laguna and Main Beach (Walkscore 97). Property includes a legal duplex at 502/504 Goff Street -- plus 3 standalone bungalows at 363, 371 and 379 Park Avenue. Duplex has a larger ocean view apartment upstairs, a legal studio underneath -- and also a currently non-conforming 2nd studio underneath. Plans have been submitted to expand the non-conforming studio as larger, legal Auxiliary Dwelling Unit (ADU), bringing the total unit count on property to 6. This plan includes expanding the neighboring legal studio into a 1-bedroom unit with higher rent potential. New owner may complete the ADU approval and finish it out as desired. The 3 bungalows are among the original "Olympic Cottages," brought to Laguna after the LA Olympics in the 30s and completely restored with updated kitchens and baths. These cottages are not on the historic register, but are on the city historic inventory with a rating of E (Exceptional) - meaning that they could be historically registered, and under the Mills Act, could benefit from substantially reduced property taxes. The upstairs 3-bedroom apartment at 502 Goff is approximately 1153 square feet and has a large private deck in the rear and ocean views from the front. Each of the standalone bungalows is 1 or 2 bedrooms with wood-burning fireplace, private laundry, front porch and private rear deck. In addition to architectural plans for the ADU apartment and lot partitioning, owner has modernized the electrical systems for all the units.