1402 W Oceanfront, Newport Beach, CA

$5,995,000

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8

Beds

6

Baths

0.07

Acres

Listing Agent
Tara Mcnabb - Compass

About 1402 W Oceanfront

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.

Features of 1402 W Oceanfront

MLS® # OC23207499
Price $5,995,000
Bedrooms 8
Bathrooms 6.00
Acres 0.07
Year Built 1945
Type Residential Income
Sub-Type Duplex
Status Active

Community Information

Address 1402 W Oceanfront
Area NP - Balboa Peninsula
Subdivision Balboa Peninsula (Residential) (BALP)
City Newport Beach
County Orange
State CA
Zip Code 92661

Amenities

Utilities Cable Connected, Natural Gas Connected, Sewer Connected, Water Connected
Parking Spaces 2
# of Garages 2
View City Lights, Coastline, Ocean, Catalina
Is Waterfront No
Waterfront Beach Front, Ocean Front
Has Pool No
Pool None

Interior

Interior Vinyl
Interior Features Bedroom on Main Level
Appliances Dishwasher, Gas Cooktop, Disposal, Microwave, Refrigerator, Water Heater
Heating Electric
Cooling None
Has Basement No
Fireplace Yes
Fireplaces None
# of Stories 2
Stories One, Two

Exterior

Lot Description Level, Near Public Transit, Rectangular Lot, Street Level

Additional Information

Date Listed November 8th, 2023
Days on Market 27
Foreclosure No
Short Sale No
RE / Bank Owned No
HOA Fees 0.00

Listing Details

AgentTara Mcnabb
OfficeCompass

Listing Map

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