621 Ramona Ave 5 Unit Apartment Building $7,100,000 ($1,420,000/Unit) 3.47% Cap Rate Laguna Beach, CA 92651

An Irreplaceable Coastal Trophy Asset in the Heart of The Village. Rarely does an opportunity arise to acquire a true mixed-use trophy property in the heart of The Village, Laguna Beach’s most coveted coastal neighborhood.
618 South Coast Highway combines exceptional income, irreplaceable location, panoramic ocean views, and meaningful future upside in one of the world’s most prestigious beach communities.
The property features four residential residences and one prominent two-story street-front commercial building, creating a highly desirable income-producing asset with long-term appreciation potential.
Its defining feature is an exceptionally rare rooftop deck spanning more than 1,200 square feet, offering breathtaking views of the Pacific Ocean, Catalina Island, the Laguna coastline, and the vibrant Village below. Even more remarkable, every residential unit enjoys ocean views, a feature rarely found in an income-producing property of this size.
A beautifully landscaped courtyard centered around a magnificent mature tree creates a peaceful private retreat, while the commercial space enjoys prime South Coast Highway frontage in one of Orange County’s most desirable retail corridors.
With an outstanding Walk Score® of 94, residents and guests are just steps from world-class beaches, acclaimed restaurants, art galleries, luxury boutiques, and entertainment. The property also offers an extraordinary 17 off-street parking spaces, an amenity that is exceptionally rare in downtown Laguna Beach.
Comprehensively renovated in 2018, the property includes highly coveted short-term rental permits for two residential units, providing valuable income flexibility.
Future upside is equally compelling. A completed feasibility study with the City of Laguna Beach confirms the ability to add approximately 500 additional square feet. At today’s pricing, that expansion represents the potential to create over $800,000 in additional value, while contractor estimates place the cost of construction at approximately $100,000, including roof reinforcement and an expanded rooftop deck. Additional rental upside also exists as leases mature and rents move toward market rates.
Premier coastal investments are not valued solely by cap rate. They command premium pricing because of what cannot be recreated location, scarcity, and enduring desirability. Properties offering ocean views from every residence, substantial parking, rooftop entertaining space, short-term rental income, and future expansion opportunities are exceptionally scarce in downtown Laguna Beach.
618 South Coast Highway is more than an investment. It is a legacy coastal asset that may not be replicated for generations.