A rare Village opportunity: a charming 1925 beach cottage on a substantial 4,800 sq ft R-2 lot in one of Laguna Beach's most walkable central locations. Just moments from the beach, downtown restaurants, galleries, shops, and Laguna's classic coastal lifestyle, 478 St. Ann's Drive offers something increasingly hard to find: usable land, character, income potential, and future flexibility in the heart of town. The updated 1-bedroom, 1-bath cottage is move-in ready and full of vintage Laguna charm, with a refreshed kitchen and bath, two flexible bonus spaces, a private deck, and lush outdoor areas that make the home live larger than its footprint. Enjoy it as a beach retreat, creative escape, mid-term rental, or income-producing hold while planning what comes next. The true value is the parcel. With R-2 zoning, a generous Village lot, and a premier walk-to-everything setting, the property offers multiple paths forward: preserve and enjoy the existing cottage, expand, design a custom Laguna residence, or explore duplex potential. Opportunities with this combination of location, lot size, charm, and flexibility are increasingly scarce in Central Laguna.