499 Legion, Laguna Beach, California 92651, Laguna Beach, 92651 - 4 bed, 3 bath
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Laguna Beach, California 92651
This Value-Add Compound represents a High-Potential Investment Opportunity, listed at $4,249,000—positioned above the $4,105,738 Fair Market Value. While the property carries a Fair Condition Rating due to its vintage 1947 status, the 10,019-square-foot flat lot in the heart of Laguna Beach provides a rare foundation for significant appreciation. The versatile layout, featuring a main residence and detached guest cottage, offers immense potential for redevelopment or high-end restoration. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a premier, customizable coastal asset.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 499 Legion Subject | $4,249,000* List Price | 4 | 3 | 2,335 | $1,753 | - |
A 604 Catalina Sold | $3,975,000 | 3 | 2 | 2,516 | $1,580 | 0.1 mi |
B 1704 Thurston Drive Sold | $4,200,000 | 2 | 2 | 2,202 | $1,907 | 0.6 mi |
C 541 Oak Street Sold | $3,525,000 | 4 | 3 | 1,900 | $1,855 | 0.5 mi |
D 1981 San Remo Sold | $3,200,000 | 4 | 3 | 2,069 | $1,547 | 0.8 mi |
E 1961 San Remo Drive Sold | $3,400,000 | 3 | 3 | 2,430 | $1,399 | 0.8 mi |
F 417 Poplar Street Sold | $3,185,000 | 3 | 3 | 2,066 | $1,542 | 0.5 mi |
G 660 Virginia Park Active | $3,995,000 List Price | 4 | 3 | 3,073 | $1,300 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1947, this property is exceptionally well-maintained but remains largely in a dated condition. The kitchen features older white cabinetry, tile work, and appliances consistent with a refresh from over 20 years ago. While the home is move-in ready and 'lovingly preserved,' the lack of recent major renovations to the kitchen, baths, and likely core systems places it in the Fair category as it requires modern updates.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 10019, living area = 2335.
The 10,019-square-foot flat parcel is a rare find in Laguna Beach, providing a massive, usable foundation for expansion, restoration, or complete redevelopment.
Featuring a main residence and a separate 693-square-foot guest cottage, the property is ideal for multigenerational living, a private studio, or a high-end home office.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =10019, other record lot size in square feet = 9766. Living area discrepancy between mls listing and other public or private record. mls listing living area = 2335, other record living area = 1617. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 4, other record bedroom count = 2.
Built in 1947, the original structures may require significant capital investment for modern upgrades, structural retrofitting, or full restoration to meet contemporary luxury standards.
With a list price exceeding $4.2 million for a largely original 1940s compound, the property represents a significant investment before accounting for necessary renovation costs.
A rare and irreplaceable offering in the heart of Laguna Beach — 499 Legion Street presents a lovingly preserved original cottage compound on an exceptional 10,019-square-foot flat lot, cared for by the same family since the early 1960s. Properties of this character, scale, and location simply do not come to market often. The 1,642-square-foot main residence is a classic Laguna cottage with 2 bedrooms and 2 bathrooms, solid bones, and consistent upkeep throughout its decades under single-family ownership. The thoughtfully maintained layout retains its original charm while offering an ideal canvas for a buyer's personal vision. A separate, detached 693-square-foot guest cottage with 2 bedrooms and 1 bathroom sits on the same parcel — immediately ready for multigenerational living, out of town guests, or use as a private creative studio or home office. The outdoor spaces are among the property's most compelling features. A lush front lawn welcomes you from the street, while the stunning central courtyard — shaded by the sweeping canopy of a majestic Magnolia tree — connects the main house to the guest cottage via a covered ranch-style breezeway. A gated, privately enclosed garden area at the rear of the property provides a hidden retreat unlike anything else in the neighborhood. The lot itself is the defining asset. Flat, fully usable parcels of this size in central Laguna Beach are increasingly uncommon, and this one carries long-term value well beyond the current structures. Whether your vision is to restore, remodel, or reimagine the compound entirely, the land provides a foundation that few properties in this market can match. Located minutes from Main Beach, the Laguna Beach Art Walk, PCH dining, and the village's beloved shops and galleries, this property places the Laguna Beach lifestyle at your doorstep —ideal central location with easy access to everything Laguna, and connected to the energy that makes this community one of Southern California's most sought-after addresses. 499 Legion Street is not just a home — it's an opportunity.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 4.0 | 4.0 |
| Baths | 3.0 | 3.0 |
| Square foot | 2,335 | 2,351 |
| Lot Size | 10,019 | 6,231 |
| Price | $4.25M | $3.25M |
| Price per sq ft | $1.8K | $1.7K |
| Built year | 1947 | 1969 |
| HOA | $0 | $3.0K |
| Days on market | 47 | 71 |
Jun 5, 2026
$4,249,000
Initial Listing