NOT LISTED FOR SALE
8 Beds
10 Baths
8,789 Sq Ft
9,148 Sq Ft Lot

Last Sold August 18, 2021

Last sale price $8,200,000 $933 Per Sq Ft

10 Days on Market

Highlights

  • Ocean Front
  • Deck
  • Balcony
  • El Morro Elementary School Rated A+
  • Granite Countertops
  • 4-minute walk to Heisler Park

About This Home

As of August 2021

Significant rental upside and current value add by converting property to original city permitted 11 apartments and 3 commercial spaces. The property is zoned Commercial and the City may entertain a permit allowing for weekly short-term rentals. If this is accomplished this may increase the property's income and value substantially. The Gallery is an ideal opportunity for a investor to take advantage of purchasing a rarely-available commercial mixed-use property in the world class resort town of Laguna Beach, California. $300,000 Cap X spent the past 5 years: 80% new roofs, vertical plumbing lines, electrical, waste-lines, wood replacement and interior apartment upgrades. Partial interior renovations of the apartment homes include quartz counters in the kitchen and bathrooms, hardwood flooring and stainless appliance packages. The new owner will have the ability to to take over operations and take advantage of additional rental growth by increasing the income to market levels.

Last Agent to Sell the Property

Peter Hauser

Avison Young – Southern CA LTD License #00856966 Listed on: 07/05/2021

Last Buyer's Agent

Peter Hauser

Avison Young – Southern CA LTD License #00856966 Listed on: 07/05/2021

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $98,580

Year Built

  • Built in 1954

Lot Details

  • 9,148 Sq Ft Lot
  • Lot Dimensions are 75x120
  • Ocean Front
  • Gated Home

Parking

  • 2 Open Parking Spaces
  • 4 Car Garage

Property Views

  • Ocean
  • Coastline
  • City Lights
  • Courtyard

Home Design

  • Split Level Home
  • Flat Roof Shape

Interior Spaces

  • 8,789 Sq Ft Home
  • 2-Story Property
  • Vinyl Flooring
  • Granite Countertops
  • Gas And Electric Dryer Hookup

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 10 Bathrooms

Accessible Home Design

  • ADA Compliant

Outdoor Features

  • Balcony
  • Deck
  • Enclosed patio or porch

Utilities

  • Cooling System Mounted In Outer Wall Opening
  • Forced Air Heating System
  • Heating System Mounted To A Wall or Window

Community Details

  • 2 Buildings
  • 10 Units
  • Low-Rise Condominium

Listing and Financial Details

  • Assessor Parcel Number 496-122-14

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$98,580

Year Built

Built in 1954

Lot Details

0

Parking

4

Listing Details

  • Property Type: Residential Income
  • Style: Low Rise
  • Levels: Multi/Split
  • Street Number Display: Yes
  • ADA Compliant: Yes
  • Living Area: 8789
  • Lot Acreage: 0.2100
  • Lot Dimensions: 75x120
  • Stories: 2
  • Year Built: 1954
  • Number Of Photos: 7
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Vinyl
  • Bedrooms: 8
  • Common Walls: Attached
  • Kitchen Features: Granite Counters
  • Total Bathrooms: 10.00
  • Equipment: Gas Or Electric Dryer Hookup
  • Price Per S Q F T: 1052.45

Exterior Features

  • Other Structures: Other
  • Patio: Balcony, Deck(s), Enclosed
  • Roof: Flat
  • View: Coastline, Courtyard, City Lights, Ocean
  • View: Yes
  • Waterfront: Ocean

Garage/Parking

  • Garage Spaces: 4
  • Other Spaces: 2
  • Garage Structures: 2
  • Parking Garage: Garage Is Attached
  • Total Parking: 6

Utilities

  • Cooling: Wall Unit(s), Air Conditioning
  • Heating: Wall, Forced Air
  • Security: Gated

Lot Info

  • Assessed Improvement Percent: 44.00
  • Assessed Improvement Value: 1190485
  • Assessed Land Percent: 56
  • Assessed Land Value: 1515168
  • Total Assessed Value: 2705653
  • Assessor Parcel Number: 496-122-14
  • Lot Size Area: 9148

Multi Family

  • Unit Type: 2106, 2107, 2108, 2109, 2110
  • Gross Rent Multiplier: 20.00
  • Number Of Units: 10
  • Total Annual Expense: 132944
  • Type Of Units: 10
  • Vacancy Rate: 0

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Dec 23, 2021
Sold by
Aec Eat Llc
Bought by
Empresa Estates Llc

Purchase Details

Closed on
Dec 21, 2021
Sold by
Aec Eat Llc
Bought by
Empresa Estates Llc

Purchase Details

Listed on
Jul 5, 2021
Closed on
Jul 22, 2021
Sold by
Roberts Der Handler Gallery Way Llc
Bought by
Empresa Estates Llc
Seller's Agent
Peter Hauser
Avison Young – Southern CA LTD
Buyer's Agent
Peter Hauser
Avison Young – Southern CA LTD
List Price
$9,250,000
Sold Price
$8,200,000
Premium/Discount to List
-$1,050,000
-11.35%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,035,000
Interest Rate
3.45%
Mortgage Type
New Conventional

Purchase Details

Closed on
Apr 8, 2019
Sold by
Roberts Der Handler Gallery Way Llc
Bought by
Roberts Der Handler Gallery Way Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$6,487,206
Interest Rate
4.3%
Mortgage Type
Commercial

Purchase Details

Closed on
Aug 30, 2011
Sold by
Kiermeyer Kae
Bought by
Roberts Der Handler Gallery Way Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$3,100,000
Interest Rate
4.37%
Mortgage Type
Commercial

Purchase Details

Closed on
May 22, 2006
Sold by
Kiermeyer Karol Kae
Bought by
Kiermeyer Kae

Purchase Details

Closed on
Dec 13, 2005
Sold by
Kiermeyer Md Karol
Bought by
Kiermeyer Md K A E
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Empresa Estates Llc $4,346,000 First Amer Ttl Ins Co Ncs
Empresa Estates Llc $4,346,000 First American Title
Empresa Estates Llc $8,200,000 First Amer Ttl Ins Co Ncs
Roberts Der Handler Gallery Way Llc -- Premium Title Of Ca Inc
Roberts Der Handler Gallery Way Llc -- Ticor Title Company
Kiermeyer Kae -- None Available
Kiermeyer Md K A E -- --
Kiermeyer Md Karol -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Stokes Jeffrey M $1,035,000
Previous Owner Robert S Der Handler Gallery Way Llc $6,923,000
Previous Owner Roberts Der Handler Gallery Way Llc $6,487,206
Previous Owner Roberts Der Handler Gallery Way Llc $55,669
Previous Owner Roberts Der Handler Gallery Way Llc $0
Previous Owner Roberts Der Handler Gallery Way Llc $3,100,000
Previous Owner Roberts Der Handler Gallery Way Llc $7,523,500
Previous Owner Roberts Der Handler Gallery Way Llc $300,000
Previous Owner Roberts Der Handler Gallery Way Llc $3,100,000
Previous Owner Kiermeyer Kae $250,000
Previous Owner Kiermeyer Md Karol $98,000
Previous Owner Kiermeyer Robert $879,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
08/18/2021 08/18/21 Sold $8,200,000 -11.4% $933 / Sq Ft
07/15/2021 07/15/21 Pending -- -- --
07/05/2021 07/05/21 For Sale $9,250,000 0.0% $1,052 / Sq Ft
08/31/2020 08/31/20 Rented $4,000 -24.5% --
06/29/2020 06/29/20 For Rent $5,300 -- --
Source: The MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $98,580 $8,701,905 $7,640,697 $1,061,208
2024 $98,580 $8,531,280 $7,490,880 $1,040,400
2023 $95,920 $8,364,000 $7,344,000 $1,020,000
2022 $93,538 $8,200,000 $7,200,000 $1,000,000
2021 $39,420 $2,901,006 $1,624,568 $1,276,438
2020 $37,801 $2,871,260 $1,607,910 $1,263,350
2019 $36,889 $2,814,961 $1,576,382 $1,238,579
2018 $36,011 $2,759,766 $1,545,472 $1,214,294
2017 $35,097 $2,705,653 $1,515,168 $1,190,485
2016 $34,230 $2,652,601 $1,485,458 $1,167,143
2015 $33,508 $2,612,757 $1,463,145 $1,149,612
2014 $32,695 $2,561,577 $1,434,484 $1,127,093
Source: Public Records

Agents Affiliated with this Home

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Map

Source: The MLS

MLS Number: 21-756938

The MLS

APN: 496-122-14