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217 Wave Street
About This Property
This one-bedroom, one-bath home presents a rare opportunity to renovate, expand, or create a custom coastal retreat. Adding to its appeal, plans for an Accessory Dwelling Unit (ADU) are 100% through the City approval process, providing a significant head start for the next owner. In addition, plans for the main residence, thoughtfully designed by Olivos Architects, are currently pending City approval.
Ideally located just moments from Laguna Beach's renowned beaches, galleries, restaurants, shops, and local amenities, this property offers the perfect blend of homeownership and the coveted coastal lifestyle. Whether you choose to restore the existing home, build upon the approved vision, or complete the architectural plans already in progress, this exceptional property provides an exciting canvas to create your dream home in one of Laguna Beach's most sought-after neighborhoods.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Sep 8, 2026 | Price Decreased |
$1,899,000
↓ $96K
(4.8%) | |
| Price Decreased | |||
| Jul 30, 2026 | Listed by The Agency | $1,995,000 | |
| Listed by The Agency | |||
| Jan 24, 2025 | Sold | ||
| Sold | |||
| Nov 25, 2024 | In contract | - | |
| In contract | |||
| Nov 13, 2024 | Relisted | $1,895,000 | |
| Relisted | |||
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017