$5,900,000
$5,995,000
1.6%For more information regarding the value of a property, please contact us for a free consultation.
4 Beds
2 Baths
2,400 SqFt
SOLD DATE : 06/13/2024
Key Details
Sold Price $5,900,000
Property Type Multi-Family
Sub Type Duplex
Listing Status Sold
Purchase Type For Sale
Square Footage 2,400 sqft
Price per Sqft $2,458
Subdivision Balboa Peninsula (Residential) (Balp)
MLS Listing ID NP24093413
Sold Date 06/13/24
Bedrooms 4
Full Baths 2
HOA Y/N No
Year Built 1945
Lot Size 3,049 Sqft
Acres 0.07
Property Description
An Oceanfront Investment Gem: Your Canvas Awaits
Elevate your investment portfolio with this truly rare opportunity on the sands of Newport Beach's Balboa Peninsula. This West Oceanfront Duplex is set on the deepest lot on the Peninsula, measuring 30’ x 102.5’, providing immediate utilization with ample future development opportunity.
Preliminary plans have been explored for expansion up to a generous 4,000 square feet of living space, allowing you to craft a spectacular oceanfront owner's unit with an INTERNAL ADU. Alternatively, the new owner can execute redevelopment into a 2-unit rental powerhouse, with a 4-bedroom and 3-bedroom stacked short-term rental, potentially generating over $500,000 in gross revenues per year. Perfect for investors seeking to capitalize on the allure of Newport Beach's vibrant rental market, this property boasts not one, but TWO highly coveted, transferable, active short-term-rental permits approved with the city. Buyer to verify all details for their intents and purposes.
In the property’s immediate condition, it offers a charming retreat featuring one bedroom, one bathroom, and an inviting open-concept layout in the front. Additionally, there is a two-level 'original condition' residence at the rear of the lot, which includes a 2-bedroom suite and deck above, as well as a 1-car parking garage below.
Beyond the boundaries of your property lies a world of recreation and relaxation, with beach volleyball courts, surf shops, markets, and marinas just steps away. On 15th Street, just a few minutes' walk up the boardwalk, one can find 15th Street Surf Shop, Fry’s Market for basic groceries, and Marina Park for strolling the greenery. Indulge in the coastal lifestyle at Newport Beach Pier’s boutiques and award-winning eateries, all beckoning for exploration.
But the real magic lies in the potential of this property. With plenty of room to renovate and expand, the possibilities are as vast as the ocean itself. Seize the moment and make your mark on Newport Beach's prestigious and limited shoreline. With opportunities like this, the time to invest in your future is now.
Location
State CA
County Orange
Area Np - Balboa Peninsula
Rooms
Main Level Bedrooms 2
Ensuite Laundry Laundry Room
Interior
Interior Features Bedroom on Main Level
Laundry Location Laundry Room
Cooling None
Fireplaces Type None
Fireplace No
Appliance 6 Burner Stove, Dryer, Washer
Laundry Laundry Room
Exterior
Garage Concrete, Garage, Garage Faces Rear
Garage Spaces 1.0
Garage Description 1.0
Pool None
Community Features Biking, Curbs, Park, Water Sports
View Y/N Yes
View Ocean, Pier, Water
Accessibility Safe Emergency Egress from Home, Parking
Parking Type Concrete, Garage, Garage Faces Rear
Attached Garage Yes
Total Parking Spaces 1
Private Pool No
Building
Lot Description Yard
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Schools
School District Newport Mesa Unified
Others
Senior Community No
Tax ID 04721210
Acceptable Financing Cash, Cash to New Loan, Conventional
Listing Terms Cash, Cash to New Loan, Conventional
Financing Cash
Special Listing Condition Standard
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Bought with Jeff Pierce • JohnHart Real Estate
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "