An Oceanfront Investment Gem: Your Canvas Awaits Elevate your investment portfolio with this truly rare opportunity on the sands of Newport Beach's Balboa Peninsula. This West Oceanfront Duplex is set on the deepest lot on the Peninsula, measuring 30’ x 102.5’, providing immediate utilization with ample future development opportunity. Preliminary plans have been explored for expansion up to a generous 4,000 square feet of living space, allowing you to craft a spectacular oceanfront owner's unit with an INTERNAL ADU. Alternatively, the new owner can execute redevelopment into a 2-unit rental powerhouse, with a 4-bedroom and 3-bedroom stacked short-term rental, potentially generating over $500,000 in gross revenues per year. Perfect for investors seeking to capitalize on the allure of Newport Beach's vibrant rental market, this property boasts not one, but TWO highly coveted, transferable, active short-term-rental permits approved with the city. Buyer to verify all details for their intents and purposes. In the property’s immediate condition, it offers a charming retreat featuring one bedroom, one bathroom, and an inviting open-concept layout in the front. Additionally, there is a two-level 'original condition' residence at the rear of the lot, which includes a 2-bedroom
MLS #
CRNP24093413
MLS Source
California Regional MLS
Days on Site
14
Buyer's Brokerage Compensation*
2.00%
Bedrooms
Ground Floor Bedroom
Kitchen
Other
Appliances
Other, Dryer, Washer
Fireplace
None
Laundry
In Laundry Room
Cooling
None
Pool
None
Garage/Parking
Garage, Other, Garage: 1 Car(s)
Elementary District
Newport-Mesa Unified
High School District
Newport-Mesa Unified
HOA Fee
$0
1402 W Oceanfront is a Duplex in Newport Beach, CA 92661. This 2,400 square foot property sits on a 3,049 Sq Ft Lot and features 4 bedrooms & 2 full bathrooms. It is currently priced at $5,995,000 and was built in 1945.
This address can also be written as 1402 W Oceanfront, Newport Beach, CA 92661.©2024 California Regional MLS. All rights reserved. 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. Information provided is for personal, non-commercial use by the viewer and may not be redistributed without explicit authorization from California Regional MLS.
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* The offer of compensation is made subject to the MLS rules where the listing is filed. Please contact your agent for any questions concerning this subject matter.
This listing information is up-to-date as of May 10, 2024. For the most current information, please contact Joshua Coburn