MLS® ID: OC19072633

303 Main Street

Newport Beach, California, 92661

$5,395,000 Pending
  • - SQFT
PROBATE SALE. This is an absolute generational opportunity. Property is at Main Street and Edgewater Place - basically on Newport Harbor and directly adjacent to the iconic Balboa Pavilion - Harborside Restaurant, the Catalina Flyer, Fun Zone and the Balboa Ferry, and a quick stroll to Balboa Pier. The building consists of 12 apartment units above 5 retail spaces. The 12 upstairs residential units are accessed by a wide common interior staircase located at the front of the building at Main Street. All units have unbelievable bay views and one unit has a deck sitting atop the Harbor. Some of these residential units are compact micro-style, and others are spacious - all are very livable. The interior common area, along with the expansive deck space, can be highly upgraded to create a secure home feeling. Residential rents are well below market and can be increased dramatically - low rent is $735, high is $1,650; and they are master metered for utilities. There is approximately 4,566 square feet of retail space on the ground floor configured in 5 retail spaces which services the year-round tourist traffic at the famous Newport Beach Fun Zone in the heart of the Balboa Village. With appropriate property renovations, this opportunity is an incredible value-add play where the astute investor can experience a 4.31% cap in-place and an above market yield of 5.77% potentially going forward for a coastal asset of this kind. Court Confirmation is possible -
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Listing courtesy of Kidder Mathews of California

Amenities

  • Full baths
    0
  • Half baths
    0
  • Zip
    92661
  • Office name
    Kidder Mathews of California
  • SQFT
    0
  • Bedrooms
    0
  • Property type
    Commercial/Residential
  • Year built
    1913
  • Lot size
    6534.00
  • Sewer
    Public Sewer
  • Heating
    Wall Furnace
  • Tax year
    0
  • Agent name
    Steven Brombal
  • Tax amount
    $ 0.0
  • Purchase Type
    Active
  • Price Range
    $2m+
  • Square Feet Range
    < 1000 sq ft.
  • Year Built Range
    1989 (and earlier)
  • Office ID
    OC07007
  • Agent ID
    OCBROMSTE

Location

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