906 E Oceanfront

Newport Beach, CA 92661

List Price

$4,499,000

Status

ACTIVE UNDER CONTRACT

MLS#

PW19029273

Year Built

1971

Living Sq. Ft

3,255

Lot Size

3,920

Acres

0.09

Lot Location

No Landscaping

Days on Market

22

Property Type

Multifamily

Stories

Two Level

Neighborhood

Balboa Peninsula (Residential) (Balp)

Property Description

This way to the beach...906 E. Oceanfront is one of the few legal triplexes on the Peninsula and is conveniently located on the boardwalk across from Balboa Peninsula Park and the nearby Balboa Pier. This clean, upgraded and remodeled building includes a great unit mix of two large 3 bedroom/2 bath units and one 2 bedroom/2 bath unit. Two units have direct ocean, beach, sunset, pier and boardwalk views. The lot is an oversized 3,920 sqft (per assessor) that can offer exciting future redevelopment opportunities, buyer to verify options with the city.

For the first time in the building’s history, it was effectively run as a licensed short term rental and generated nearly $200,000 in income for the year. The conservative annual pro forma income is $225,000+. Over $50,000 is already booked for the summer 2019 season. Now that this asset is stabilized and income is growing, it’s perfect for the investor looking to simply cash checks and maybe occasionally visit and stay in a premier oceanfront location.

The building also features a shared interior courtyard plus a front patio abutting the boardwalk. The alleyway provides access to a huge 3 car garage with laundry area and ample storage space. All units are separately metered for gas and electric. All furniture and household goods are included in the sale.

Additional Information

Tract Number

104

Lot Description

Sidewalks

Pool Description

None

View

Catalina, Coastline, Ocean, Panoramic, Park/Greenbelt, Water

Garage Spaces Total

3

Sewer

Public Sewer

Water

Public

Attached Structure

Attached

Total Number of Units

3

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(949) 533-1572

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Calculator source: Real Geeks

Listing courtesy of Christian Walsh from Coldwell Banker Res. Brokerage

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.