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    1514 W Oceanfront

    Newport Beach, CA 92663
    • $5,995,000
    • STATUS: Active
    • ON SITE: 38 days
    • ID#: NP21063345
    UPDATED: 17 min ago
    $5,995,000
    • 0
      BEDS
    • 0.07
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 2,800
      SQFT
    • $2,141
      $/SQFT
    Type:
    Multi-Family
    Built:
    1957
    County:

    School Ratings & Info

    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%.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-15T13:35:11.677. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Zutila, Inc.. Licensed in the State of California, USA.
    www.myorangecountyhomesearcher.com/homes/115812009
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    1514 W Oceanfront Newport Beach, CA 92663

    • Price: $5,995,000
    • Status: Active
    • Updated: 17 min ago
    • ID#: NP21063345
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.07
    Acres
    2,800
    SQFT
    $2,141
    $/SQFT
    1957
    Built
    Neighborhood:
    Balboa Peninsula (Residential) (Balp)
    County:
    Orange
    Area:
    NP - Balboa Peninsula
    Property 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%.
    Exterior Features

    Construction Materials DrywallStucco Exterior Features Lighting Fencing BlockMasonry Lot Features No LandscapingStreet Level Number Of Separate Electric Meters 3 Parking Total 3 Pool Features None Pool Private YN No Property Attached YN No Road Surface Type Alley PavedPaved Roof Shingle Spa Features None Spa YN No View OceanPanoramicWater View YN Yes Waterfront Features Beach AccessBeach FrontOcean AccessOcean FrontOcean Side Of FreewayOcean Side Of Highway

    Interior Features

    Appliances Built-In RangeConvection OvenGas CooktopDisposalGas RangeGas Water HeaterRefrigerator Common Walls No Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Door Features Mirrored Closet Door(S)Sliding Doors Fireplace Features Dining RoomFamily RoomGasLiving RoomMasonryMaster Bedroom Fireplace YN Yes Flooring LaminateTile Heating Fireplace(S)Natural GasWall Furnace Heating YN Yes Interior Features Beamed CeilingsBalconyCeiling Fan(S)Ceramic CountersRecessed LightingTile CountersTrack Lighting Window Features Screens

    Property Features

    Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 4.23 Common Interest None Community Features Biking Electric Electricity - On Property220 Volts in Garage220 Volts in Kitchen220 Volts in LaundryStandard Electric Expense 1468 Fuel Expense 1468 Garage YN Yes Gross Income 424716 Gross Scheduled Income 424716 Inclusions All Furnishings including CookwareKitchenwareLinensA/V EquipmentAnd Accessories. Insurance Expense 1308 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash To New Loan Maintenance Expense 2164 Net Operating Income 254174 New Construction YN No New Taxes Expense 63117 Number Of Separate Gas Meters 3 Number Of Separate Water Meters 3 Operating Expense 141394 Other Expense 32400 Property Condition Turnkey Property Sub Type Triplex Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 1468 Utilities Cable AvailableElectricity AvailableNatural Gas Available Water Sewer Expense 1468 Water Source Public

    Listing provided courtesy of Tim Smith of Coldwell Banker Realty and Greg Blake of Coldwell Banker Realty


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-15T13:35:11.677. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Zutila, Inc.. Licensed in the State of California, USA.
     
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