Avison Young announced it has arranged the sale of The Gallery, a 10-unit mixed-use property located at 326-336 North Coast Highway in Laguna Beach, California (Orange County). The property consists of seven apartments units and three commercial spaces. Two of the commercial spaces and two of the apartments were occupied at closing.
Avison Young Principals Peter Hauser and Associate Matthew Hauser represented the seller, a private investor from Florida who had owned the property for over 30 years, and the buyer, a Laguna Beach-based private investor, who owns other local properties.
“This transaction was truly gratifying. We were able to locate an ideal buyer who understood the significance of the property’s location, its potential for long-term appreciation, and had a clear vision for its renovation,” said Peter Hauser.
The details of the renovation include conversation back to the asset’s original 14-unit design consisting of 11 apartments and three commercial spaces; new roof; exterior renovations; and apartment unit improvements including adding washer/dryers, quartz countertops, cabinets, vinyl plank flooring, and a stainless appliance package.
Built in 1954, The Gallery is a rare mixed-use property with the residential units featuring partial ocean views (from select units), common area decks and large balconies. It is conveniently situated in one of North Laguna’s top retail locations and is within walking distance to beaches, popular restaurants, retail shops. hiking trails and luxury hotels.