887 15th Street, Newport Beach

$10,000,000

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2

Beds

2

Baths

0.50

Acres

Listing Agent
Tyler Leeson - Marcus & Millichap RE Invest

About 887 15th Street

887 West 15th Street is a 16-unit multifamily investment property in an unparalleled Newport Beach location. Built in 1989, 887 West 15th Street features 16, spacious two-bed/ two-bath apartment homes, each with a private patio or balcony, an individual water heater, and central heating. The property offers amenities including covered and surface parking, storage units, and an on-site laundry facility. With 5 renovated units, 3 partially renovated units, and 2 vacancies at closing, a new owner has the unique opportunity to immediately implement their own comprehensive renovation plan, allowing for significant rental premiums over nonrenovated units. 887 West 15th Street’s Newport Beach location provides residents with easy access to all that the area has to offer. The property’s ideal location provides walkable access to Carden Hall, Pacifica Christian High School, and Coastline College. Additionally, the property is situated just half-a-mile from Hoag Hospital, the top employer in the city with more than 5,000 employees in 2023. Furthermore, residents enjoy the property’s close proximity to the beaches, restaurants, and bars on the Balboa Peninsula. 887 West 15th Street's highly desirable location and floor plans provide an investor with the ability to capture quality tenants seeking a convenient location with access to a wide variety of activities, transportation, and retail amenities. This overall demand for well-located apartments will be a key driver in the continued growth at the property.

Features of 887 15th Street

MLS® # OC24086137
Price $10,000,000
Bedrooms 2
Bathrooms 2.00
Acres 0.50
Year Built 1989
Type Residential Income
Sub-Type Apartment
Status Active

Community Information

Address 887 15th Street
Area N6 - Newport Heights
Subdivision Newport Heights (NEWH)
City Newport Beach
County Orange
Zip Code 92663

Amenities

Parking Spaces 24
# of Garages 2
Is Waterfront No
Has Pool No
Pool None

Interior

Has Basement No
Fireplace No
# of Stories 2
Stories Two

Exterior

Lot Description Street Level

Additional Information

Date Listed April 30th, 2024
Days on Market 27
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

AgentTyler Leeson
OfficeMarcus & Millichap RE Invest

Listing Map

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