Los Angeles County Buyer Acquires 12-Unit Sterling Plaza Apartments In Laguna Beach For $7.37M

The 12-unit Sterling Plaza Apartments, located at 2607 Solana Way in Laguna Beach, sold for $7,370,000. This multifamily asset encompasses 0.29 acres and presents ocean views from each unit. It has undergone recent upgrades, and there are plans for future accessory dwelling units (ADUs) aimed at increasing rental income. The property's pricing reflects a per unit price of $614,167 and an initial cap rate of 3.69%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,370,000
• Units: 12
• Price Per Unit: $614,167
• Location: 2607 Solana Way, Laguna Beach
• Market: Laguna Beach
• Acres: 0.29

Daniel Blackwell and Mike O’Neill of CBRE represented the sale, facilitating the transaction on behalf of a buyer from Los Angeles County who is seeking value-add potential in this high-demand rental market. The buyer's strategy includes raising the cap rate from 3.69% to 4.93% by enhancing the property and utilizing the plans for ADUs.