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1628 W Oceanfront

Newport Beach, CA 92663
  • $12,150,000
  • STATUS: Closed
  • ON SITE: 47 Days
  • ID#: OC24086150
Sold - 06/14/2024
$12,150,000
SOLD - 06/14/2024
  • 0
    BEDS
  • 0.08
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
Built:
1931
County:

School Ratings & Info

Listing Agent(s): Tara Mcnabb of Compass (949-438-4340)


Description

Unique opportunity to own a fully renovated 11 unit oceanfront vacation rental property that feels like a first class boutique hotel. Welcome to 1628 West Oceanfront, with nine highly sought-after short-term rental permits make it easy to experience investment returns with a projected 4.3% cap rate, create a personal residential compound, or live in one unit and rent the rest. Located on the Balboa Peninsula between the Newport and Balboa piers, the property occupies a large 35' corner lot, giving it more visibility and added privacy with only one direct neighbor. Panoramic views encompass golden sands, the Pacific Ocean, dramatic sunsets, Catalina Island and the Orange County coastline. A beach-front entrance leads to a variety of rooms that includes seven studios; two two-bedroom, one-bath designs; and two one-bedroom, one-bath designs. Depending on the room, guests will enjoy a kitchenette or dine-in kitchen, sitting rooms, ocean-view patios, and luxurious freestanding bathtubs. Every room showcases luxury vinyl plank flooring, soothing white and gray color themes, quartz countertops, Shaker cabinetry, recessed lighting, dual-pane windows, and custom tile work. Marina Park, which features a playground, picnic areas, a beach and basketball courts, is only one block away. Fashion Island shopping and dining, the Balboa Fun Zone, Balboa Island, golf, biking paths and more are all just minutes away.

Sold by Tara Mcnabb of Compass.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-17T23:33:49.653. 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/150069365
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1628 W Oceanfront Newport Beach, CA 92663

  • Price: $12,995,000
  • Status: Closed
  • On Site: 47 Days
  • Updated: 131 min ago
  • ID#: OC24086150
0
Beds
0
Baths
0
½ Baths
0.08
Acres
1931
Built
Neighborhood:
Balboa Peninsula (Commercial) (Bpcd)
County:
Orange
Area:
NP - Balboa Peninsula
Property Description
Unique opportunity to own a fully renovated 11 unit oceanfront vacation rental property that feels like a first class boutique hotel. Welcome to 1628 West Oceanfront, with nine highly sought-after short-term rental permits make it easy to experience investment returns with a projected 4.3% cap rate, create a personal residential compound, or live in one unit and rent the rest. Located on the Balboa Peninsula between the Newport and Balboa piers, the property occupies a large 35' corner lot, giving it more visibility and added privacy with only one direct neighbor. Panoramic views encompass golden sands, the Pacific Ocean, dramatic sunsets, Catalina Island and the Orange County coastline. A beach-front entrance leads to a variety of rooms that includes seven studios; two two-bedroom, one-bath designs; and two one-bedroom, one-bath designs. Depending on the room, guests will enjoy a kitchenette or dine-in kitchen, sitting rooms, ocean-view patios, and luxurious freestanding bathtubs. Every room showcases luxury vinyl plank flooring, soothing white and gray color themes, quartz countertops, Shaker cabinetry, recessed lighting, dual-pane windows, and custom tile work. Marina Park, which features a playground, picnic areas, a beach and basketball courts, is only one block away. Fashion Island shopping and dining, the Balboa Fun Zone, Balboa Island, golf, biking paths and more are all just minutes away.
Exterior Features

Architectural Style ContemporaryModernSpanish Entry Level 1 Entry Location 1 Lot Features Corner Lot Number Of Separate Electric Meters 1 Parking Total 4 Pool Features None Pool Private YN No Property Attached YN No Waterfront Features Beach AccessBeach FrontOcean AccessOcean Front

Interior Features

Appliances Refrigerator Common Walls No Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Heating Central Heating YN Yes Interior Features FurnishedMain Level Primary

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Buyer Financing Cash Cable Tv Expense 3500 Cap Rate 4.3 Common Interest None Community Features CurbsSidewalks Electric Expense 5000 Fuel Expense 1000 Garage YN Yes Gross Income 911292 Gross Scheduled Income 911292 Insurance Expense 9500 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New Loan Maintenance Expense 5000 Net Operating Income 555624 New Construction YN No New Taxes Expense 130000 Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Operating Expense 355658 Pest Control Expense 1000 Property Sub Type Mixed Use Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Supplies Expense 800 Tenant Pays Janitorial Service Trash Expense 500 Water Sewer Expense 3500 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-17T23:33:49.653. 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.
 
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Mainstreet Realtors®
8577 Haven Ave, Suite 100
Rancho Cucamonga CA, 91730
Listing Agent(s): Tara Mcnabb of Compass (949-438-4340)