Description
INVESTOR/BUILDER OPPORTUNITY! Oceanfront duplex complete with two highly coveted active short-term-rental permits from the city of Newport Beach, this multi-family Balboa Peninsula oceanfront property is located right on the sand and convenient boardwalk. PRELIMINARY PLANS to construct a NEW 3833 square foot DUPLEX with 1200 sf of decks on this extra large lot with estimated annual GROSS INCOME OF $574,000 that generates a pro-forma CAP RATE of 4.3%. Based on the construction cost estimates and projected value added upon completion (based on recent comparable sales), the analysis projects a strong pro-forma return on investment. The financial information presented in this listing are pro-forma projections only based on building a new 4000 sf duplexThe modern, open concept Duplex would feature 2 stacked oceanfront units, each with spectacular views of the blue pacific, crashing waves and sandy beach from the front of each unit. The larger upper unit would feature 4 bedrooms and 3.5 bathrooms plus and elevator access to all levels including the 1100 sf rooftop deck featuring a 500 sf covered cabana with vaulted ceiling and heaters. The deck also offers a spa, outdoor fireplace Bar/BBQ, lounge and sun deck. The lower unit features 3 bedrooms and 3 bathrooms and an ocean front patio. Each unit would have their own laundry and private entrance. A 2 car garage plus 2 carports allows for plenty of parking and storage for bikes and beach toys. Also great flexibility to rent one of the units to defray costs and enjoy the other as your primary or secondary residence! The adorable, existing 1 BR, 1 BA unit is already a successful vacation rental with strong income history to offset costs while you’re finishing up plans and permits. Ideal location! Walk across the sand to beach volleyball courts, playground, 15th street Surf Shop, Fry's Market or explore nearby Marina Park, the Fun Zone, Newport Beach’s famous pier, and the upscale shops and restaurants at Lido Marina Village. Surfing, golf, Fashion Island, movie theaters and more are all moments away.
Location
Based on information from CRISNet MLS all data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Updated: 29th November, 2023 9:14 AM (UTC)
Listing Agent: Tara McNabb
Listing Office: Compass
Attribution contact:
taralmcnabb@icloud.com
