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1402 W Oceanfront

Newport Beach, CA 92661
  • $5,900,000
  • STATUS: Closed
  • ON SITE: 38 Days
  • ID#: NP24093413
Sold - 06/13/2024
$5,900,000
SOLD - 06/13/2024
  • 4
    BEDS
  • 0.07
    ACRES
  • 2
    BATHS
  • 0
    1/2 BATHS
  • 2,400
    SQFT
  • $2,458
    $/SQFT
Type:
Single-Family Home
Built:
1945
County:

School Ratings & Info

School District:
Listing Agent(s): Joshua Coburn of Chamberlain Real Estate (562-547-3505)


Description

An Oceanfront Investment Gem: Your Canvas AwaitsElevate your investment portfolio with this truly rare opportunity on the sands of Newport Beach's Balboa Peninsula. This West Oceanfront Duplex is set on the deepest lot on the Peninsula, measuring 30 x 102.5, providing immediate utilization with ample future development opportunity.Preliminary plans have been explored for expansion up to a generous 4,000 square feet of living space, allowing you to craft a spectacular oceanfront owner's unit with an INTERNAL ADU. Alternatively, the new owner can execute redevelopment into a 2-unit rental powerhouse, with a 4-bedroom and 3-bedroom stacked short-term rental, potentially generating over $500,000 in gross revenues per year. Perfect for investors seeking to capitalize on the allure of Newport Beach's vibrant rental market, this property boasts not one, but TWO highly coveted, transferable, active short-term-rental permits approved with the city. Buyer to verify all details for their intents and purposes. In the propertys immediate condition, it offers a charming retreat featuring one bedroom, one bathroom, and an inviting open-concept layout in the front. Additionally, there is a two-level 'original condition' residence at the rear of the lot, which includes a 2-bedroom suite and deck above, as well as a 1-car parking garage below.Beyond the boundaries of your property lies a world of recreation and relaxation, with beach volleyball courts, surf shops, markets, and marinas just steps away. On 15th Street, just a few minutes' walk up the boardwalk, one can find 15th Street Surf Shop, Frys Market for basic groceries, and Marina Park for strolling the greenery. Indulge in the coastal lifestyle at Newport Beach Piers boutiques and award-winning eateries, all beckoning for exploration.But the real magic lies in the potential of this property. With plenty of room to renovate and expand, the possibilities are as vast as the ocean itself. Seize the moment and make your mark on Newport Beach's prestigious and limited shoreline. With opportunities like this, the time to invest in your future is now.

Sold by Jeff Pierce of JohnHart Real Estate.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-16T17:30:27.263. 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 Mainstreet Realtors®. Licensed in the State of California, USA.
www.mainstreetgroup.com/homes/150346083
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1402 W Oceanfront Newport Beach, CA 92661

  • Price: $5,995,000
  • Status: Closed
  • On Site: 38 Days
  • Updated: 73 min ago
  • ID#: NP24093413
4
Beds
2
Baths
0
½ Baths
0.07
Acres
2,400
SQFT
$2,458
$/SQFT
1945
Built
Neighborhood:
Balboa Peninsula (Residential) (Balp)
County:
Orange
Area:
NP - Balboa Peninsula
School District:
Newport Mesa Unified
Property Description
An Oceanfront Investment Gem: Your Canvas AwaitsElevate your investment portfolio with this truly rare opportunity on the sands of Newport Beach's Balboa Peninsula. This West Oceanfront Duplex is set on the deepest lot on the Peninsula, measuring 30 x 102.5, providing immediate utilization with ample future development opportunity.Preliminary plans have been explored for expansion up to a generous 4,000 square feet of living space, allowing you to craft a spectacular oceanfront owner's unit with an INTERNAL ADU. Alternatively, the new owner can execute redevelopment into a 2-unit rental powerhouse, with a 4-bedroom and 3-bedroom stacked short-term rental, potentially generating over $500,000 in gross revenues per year. Perfect for investors seeking to capitalize on the allure of Newport Beach's vibrant rental market, this property boasts not one, but TWO highly coveted, transferable, active short-term-rental permits approved with the city. Buyer to verify all details for their intents and purposes. In the propertys immediate condition, it offers a charming retreat featuring one bedroom, one bathroom, and an inviting open-concept layout in the front. Additionally, there is a two-level 'original condition' residence at the rear of the lot, which includes a 2-bedroom suite and deck above, as well as a 1-car parking garage below.Beyond the boundaries of your property lies a world of recreation and relaxation, with beach volleyball courts, surf shops, markets, and marinas just steps away. On 15th Street, just a few minutes' walk up the boardwalk, one can find 15th Street Surf Shop, Frys Market for basic groceries, and Marina Park for strolling the greenery. Indulge in the coastal lifestyle at Newport Beach Piers boutiques and award-winning eateries, all beckoning for exploration.But the real magic lies in the potential of this property. With plenty of room to renovate and expand, the possibilities are as vast as the ocean itself. Seize the moment and make your mark on Newport Beach's prestigious and limited shoreline. With opportunities like this, the time to invest in your future is now.
Exterior Features

Attached Garage YN 1 Entry Level 1 Entry Location Street and/or Alley Lot Features Yard Parking Features ConcreteGarageGarage Faces Rear Parking Total 1 Pool Features None Pool Private YN No Property Attached YN No View OceanPierWater View YN Yes

Interior Features

Accessibility Features Safe Emergency Egress from HomeParking Appliances 6 Burner StoveDryerWasher Common Walls No Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Interior Features Bedroom on Main Level Main Level Bathrooms 1 Main Level Bedrooms 2

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Buyer Financing Cash Common Interest None Community Features BikingCurbsParkWater Sports Contingency Seller requests all offers to be as-iswhere is. Seller intends to do no repairs. Garage YN Yes Land Lease YN No Laundry Features Laundry Room Lease Considered YN No Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New LoanConventional New Construction YN No Possession Close Of Escrow Property Sub Type Duplex Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Structure Type Duplex Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-16T17:30:27.263. 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 Mainstreet Realtors®. Licensed in the State of California, USA.
 
https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_372743648-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_372743648-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_372743648-2.jpg
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Mainstreet Realtors®
8577 Haven Ave, Suite 100
Rancho Cucamonga CA, 91730
Listing Agent(s): Joshua Coburn of Chamberlain Real Estate (562-547-3505)