Marcus & Millichap today announced the sale of The Coast Inn in Laguna Beach, Calif., for approximately $12.9 million.
The sales price represents $682 per square foot for the 18,844-square foot property.
Scott Hook, a senior investment associate in Marcus & Millichap’s Newport Beach, Calif., office, represented the seller, a partnership of local investors, in the transaction. Hook also secured the buyer, Los Angeles-based Emerald Financial, LLC.
Built in 1924, The Coast Inn is located at 1401 S. Coast Hwy. The property consists of 24 rooms with a full restaurant and bar. All rooms have ocean views, and many have large private balconies. The current owners have submitted plans to convert the existing rooms to a luxurious 12-suite complex with a spa and game room. The suites will be flexible in design to accommodate families and extended stay guests. The site also has more than 11,000 square feet of improved land area.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage focusing exclusively on real estate investments.
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