906 E Oceanfront, Newport Beach, CA 92661

$4,350,000
3,255
SqFt
Sold Price
$4,350,000
List Price
$4,499,000
Closing Date
Jul 02, 2019
Status
CLOSED
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

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
Years

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

Listing courtesy of Christian Walsh from Coldwell Banker Res. Brokerage

Listing sold by Dominic Tucci from Villa Real Estate

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.