$5,995,000

1514 W Oceanfront

Newport Beach CA, 92663

Description

Extraordinary opportunity to own a premier beachfront parcel in Balboa Peninsula with three transferable short term lodging permits. Capturing the symphonic pounding of surf, this pristine two-story beach-front compound is comprised of three spacious units and is constructed with features such as beamed ceilings, recessed lighting, brick fireplaces, and wood flooring. The front-facing units A and B offer views of the idyllic beaches of Newport from the balcony/deck, while the back unit offers privacy and serenity just moments from the sand. With an option to vacation or live in one unit and rent out the others, 1514 W Oceanfront is ideal as an exceptional compound for significant income opportunity or a seaside retreat for family and friends. Having achieved a net operating income of approximately $254,174 in 2020 amidst COVID-19 city restrictions, and adjusting for new property taxes for 2021, the triplex proves tremendous value and anticipates a net operating income of approximately $240,000 with a cap rate of approximately 4%.

Details

MLS#NP21063345
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1957
Days On Site12

Features

SQ Feet2,800
Units3
Building(s)1
Water FrontNo
Property ViewYes
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Area Information
StateCA
CountyOrange
CityNewport Beach
Zip Code92663
AreaNP - Balboa Peninsula
Listing VS Median (in 92663)
Price:
$5,995,000
low | high
Med:
$1,824,950
100% of Average
SqFt:
2,800
low | high
Med:
1,685
89.839285714286% of Average
$ / SqFt:
$2,141
low | high
Med:
$1,084
99.366533307056% of Average
On Site:
12
low | high
Med:
70
17.142857142857% of Average
Sourced by Back At You
Listing Updated: April 16, 2021 8:30:59 AM PDT
Tim Smith LogoMLS Number: NP21063345
Listing Provided By:
Tim Smith  of  Coldwell Banker Realty
MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the California Regional MLS.