506 E Oceanfront
Newport Beach, CA 92661
0.06 acres | #SB24045420
Description
$500,000 Price Reduction! Bring All Reasonable Offers for this Once in a lifetime opportunity!
This asset is a once in a lifetime opportunity! Options to utilize it for your primary residence, 50% as your primary residence (since it's a legal duplex), and/or keep it fully in the rental pool generating income while having it accessible to use personally when vacant.
Included in the sale, TWO highly coveted, transferable, active Short-Term-Lodging permits approved with the city. Buyer to verify all details for their intents and purposes. Located in the heart of the Balboa Peninsula on the Newport Beach Sand! Occupants can enjoy the immediate social life of the Bike Path & Volleyball Courts or a short stroll to the Surf Shops, Restaurants, Markets, and The Pier.
Short term permits allow for approximate 16 occupants (buyer to verify) between the 2 units (Unit A, approximately 1333 sq ft.), a Three Bedroom Two Bath unit, and Unit B (approximately 1676 sq. ft), is a 4 bedroom 2 1/2 Bath. Special Note: Across the bike path from this asset, your resident's and their guest can enjoy access to a giant city parking facility. This asset has it ALL. Parking, Duplex, High Occupancy Potential, Income, Sand Location, Bike Path and immediate ocean/sand access. This is an heirloom asset that should not be overlooked! Other options to consider, park money here for your 1031 exchange? or lease it out to long term tenants? Opportunities are endless!
Property Details
- ViewOcean, Pier, Water
- Lot DescriptionItem01UnitAcre
- Stories2
Measurements
- Acres0.06
Parking
- Parking Spaces2
Construction Details
- Property TypeMulti-Family
Condition
- Year Built1973
Utilities / Energy Details
- Sewer InformationPublicSewer
- Utility SourcePublic
Community and Neighborhood Details
- SubdivisionBalboa Peninsula (Residential) (BALP)
Location
- CountyOrange
Financial Details
- Original List Price$6,500,000
Other
- MLS #SB24045420
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: David Holstein (#SHOLSDAV)
Listing Office: The Holstein Group (#S1013)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
