1514 W Oceanfront, Newport Beach, CA 92663

$5,995,000
List Price
$5,995,000
Status
ACTIVE
MLS#
NP21063345
Year Built
1957
Lot Size
3,049
Acres
0.07
Lot Location
NoLandscaping, StreetLevel
Days on Market
19
Property Type
Multifamily
Property Sub Type
Triplex
Stories
Two Levels
Neighborhood
Balboa Peninsula (Residential) (Balp)

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%.

Additional Information

Appliances
Built-In Range, Convection Oven, Gas Cooktop, Disposal, Gas Range, Gas Water Heater, Refrigerator
Pool Description
None
Fireplace Description
Dining Room, Family Room, Gas, Living Room, Masonry, Master Bedroom
Heat
Fireplace(s), Natural Gas, Wall Furnace
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
View
Ocean, Panoramic, Water
Exterior Construction
Drywall, Stucco
Roof
Shingle
Garage Spaces Total
3
Sewer
Public Sewer
Water
Public
Number Of Units Total
3
Gross Scheduled Income
$424,716
Operating Expense
141394

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Tim Smith from Coldwell Banker Realty

Based on information from California Regional Multiple Listing Service, Inc. as of . 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.