MLS® ID: NP19016695
505 E Balboa Boulevard
Newport Beach, California, 92661 $1,350,000
Active Under Contract
Location! Location! Great Investment Opportunity priced to sell on the Balboa Peninsula in Newport Beach, CA. TEAR DOWN priced at Lot Value (LAND PRICE: approx. $500 per/sqft.) Value is in the land not the existing buildings!! 505 E Balboa is 1 of 2 contiguous parcels (TO BE SOLD IN CONJUNCTION WITH 503 E Balboa (NP19024127), zoned for mixed use with great potential upside in the Balboa Village. Each parcel individually can accommodate live/work lofts of approx. 3000sft. Contingent upon coastal commission approval, 505 can be combined with 503 E Balboa into one parcel to accommodate 3 residential condos (approx. 5130 sqft combined) and 1 commercial condo (approx. 1800 sqft.) for maximum return on investment. (Call Listing Agent for details). Across the street at 500 E Balboa is a very comparable development that is going through its final approvals at the city. Once built, the condos will have tremendous unobstructed views of the bay, ocean, city, and mountains.
At the present, 505 E Balboa has a small duplex with combined monthly rents of $3450 plus utilities that will help cover any expenses incurred while the potential buyer pushes the project through the City.
Located just steps to the beach, the Balboa Pier, the Balboa Ferry, shops, restaurants, and the bay, 503 E Balboa to be sold in conjunction with 505 E Balboa. DO NOT DISTURB Tenants! Buyer to cooperate with seller’s 1031 Exchange. Buyers to confirm square footage & lot potential with the City of NB.