$4,350,000
$4,499,000
3.3%For more information regarding the value of a property, please contact us for a free consultation.
906 E Oceanfront Newport Beach, CA 92661
3,920 Sqft Lot
Key Details
Sold Price $4,350,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Balboa Peninsula (Residential) (Balp)
MLS Listing ID PW19029273
Sold Date 07/02/19
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1971
Lot Size 3,920 Sqft
Acres 0.09
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.
Location
State CA
County Orange
Area Np - Balboa Peninsula
Rooms
Ensuite Laundry In Garage
Interior
Laundry Location In Garage
Fireplace No
Laundry In Garage
Exterior
Garage Garage
Garage Spaces 3.0
Garage Description 3.0
Pool None
Community Features Sidewalks
Waterfront Description Beach Access,Beach Front,Ocean Front
View Y/N Yes
View Catalina, Coastline, Park/Greenbelt, Ocean, Panoramic, Water
Parking Type Garage
Total Parking Spaces 3
Private Pool No
Building
Lot Description No Landscaping
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Construction Status Updated/Remodeled
Others
Senior Community No
Tax ID 04814332
Energy Description 1500.0
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Conventional
Special Listing Condition Standard
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Bought with Dominic Tucci • Villa Real Estate