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Ultimate trophy property in absolute best location in Laguna Beach. Very popular Madison Square & Garden Cafe is a landmark in the city. Rare opportunity to secure an incredible north Laguna location just one block from Main Beach, Heisler Park and Pacific Ocean. This historic property is adjacent to landmarks including Laguna Art Museum, Las Brisas Restaurant, and the newly re-opened Royal Hawaiian. Bustling area with massive foot traffic next to Urth Cafe and in the middle of the popular north gallery district. Classic Craftsman bungalow is set on large parcel with towering mature trees as the perfect back drop. Customers are greeted by the inviting front porch and wonderful architectural detailing. Endless possibilities with flexible interior retail/dining space and expansive, multiple garden settings outdoors. Complete commercial kitchen can suit many restaurant options. Convenient upstairs managers suite could be a residence, efficient office space or leased separately for additional income. C-1 zoning offers flexible use, and approved CUP allows wine and beer service. Current owner has invested over $1,000,000 in improvements that will provide years of low cost maintenance for the next investor. Possible reduction of property taxes through Mills Act. Perfect timing to invest in north Laguna with redevelopment happening in this block. This is truly a unique and special property with endless possibilities. Opportunities such as this come along only once in a lifetime.