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1514 W Oceanfront Newport Beach, CA 92663
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Key Details
Sold Price $5,995,000
Property Type Multi-Family
Sub Type Triplex
Listing Status Sold
Purchase Type For Sale
Subdivision Balboa Peninsula (Residential) (Balp)
MLS Listing ID NP21063345
Sold Date 06/21/21
Construction Status Turnkey
HOA Y/N No
Year Built 1957
Lot Size 3,049 Sqft
Property Description
Extraordinary opportunity to own a premier beachfront parcel in Balboa Peninsula with three transferable short term lodging permits. Capturing the symphonic pounding of surf, this pristine two-story beach-front compound is comprised of three spacious units and is constructed with features such as beamed ceilings, recessed lighting, brick fireplaces, and wood flooring. The front-facing units A and B offer views of the idyllic beaches of Newport from the balcony/deck, while the back unit offers privacy and serenity just moments from the sand. With an option to vacation or live in one unit and rent out the others, 1514 W Oceanfront is ideal as an exceptional compound for significant income opportunity or a seaside retreat for family and friends. Having achieved a net operating income of approximately $254,174 in 2020 amidst COVID-19 city restrictions, and adjusting for new property taxes for 2021, the triplex proves tremendous value and anticipates a net operating income of approximately $240,000 with a cap rate of approximately 4%.
Location
State CA
County Orange
Area Np - Balboa Peninsula
Interior
Interior Features Beamed Ceilings, Balcony, Ceiling Fan(s), Ceramic Counters, Recessed Lighting, Tile Counters, Track Lighting
Heating Fireplace(s), Natural Gas, Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Laminate, Tile
Fireplaces Type Dining Room, Family Room, Gas, Living Room, Masonry, Master Bedroom
Fireplace Yes
Appliance Built-In Range, Convection Oven, Gas Cooktop, Disposal, Gas Range, Gas Water Heater, Refrigerator
Laundry Common Area
Exterior
Exterior Feature Lighting
Garage Spaces 3.0
Garage Description 3.0
Fence Block, Masonry
Pool None
Community Features Biking
Utilities Available Cable Available, Electricity Available, Natural Gas Available
Waterfront Description Beach Access,Beach Front,Ocean Access,Ocean Front,Ocean Side Of Freeway,Ocean Side Of Highway
View Y/N Yes
View Ocean, Panoramic, Water
Roof Type Shingle
Total Parking Spaces 3
Private Pool No
Building
Lot Description No Landscaping, Street Level
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Construction Status Turnkey
Others
Senior Community No
Tax ID 04721120
Energy Description 1468.0
Acceptable Financing Cash to New Loan
Listing Terms Cash to New Loan
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with D. Timothy Byrne • Compass
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