23551 Avenida La Caza #129

Unmatched Rental Income Potential & Legal Flexibility. Unveiling a Unique Investment: A Triplex Opportunity in Coto de Caza. This distinctive property features three individual apartments, each with its own private entry. Beyond the inherent income potential, this property offers a significant advantage for new buyer. California Regulation §4739 explicitly prohibits Homeowners Associations (HOAs) from restricting the length of tenancy (whole or partial) if the homeowner resides on the property for more than 30 days. This means if you choose to occupy one of the three units, you can legally rent out the remaining two for any length of time—from short-term (1-day) to long-term (365-day) leases. While an HOA might initially have a different opinion, state law supersedes municipal ordinances or HOA rules in this regard. This flexibility opens the door to potentially adding up to twelve grand monthly to your budget. Please note that this specific California regulation does not apply if all three units are rented out. All other HOA rules and regulations, such as those concerning parking, pool usage, and noise, remain in effect. A Rich History: From Olympic Housing to Modern Townhomes. Built as “Vic Braden’s Tennis College” to house US athletes training for the 1980′ Moscow Olympics. Following the US boycott of the Olympics, these units were converted to condominiums in the fall of that year. The “Villa Serena Townhomes” corporation then oversaw the sale of each set of three units, converting them into the unique townhome configuration seen today. This was the only viable method to zone and sell this type of real estate at the time. The Orange County Assessor’s office records the property as an SFR Townhome with a 3 Bedroom/3 Bath dwelling designation. Property Features & Layout. The property is serviced by one water meter and one electrical meter for all three units. Parking is ample, featuring a longer-than-normal attached (non-direct access) garage with an in-garage washer/dryer hookup, providing space for two vehicles. Additionally, two approved and legally guaranteed tandem parking spaces are available directly outside the garage in the driveway. Please see the rest of detailed description in “PRIVATE REMARKS”