MLS® ID: PW19029273

906 E Oceanfront

Newport Beach, California, 92661

$4,499,000 Active Under Contract
  • - SQFT
This way to the beach...906 E. Oceanfront is one of the few legal triplexes on the Peninsula and is conveniently located on the boardwalk across from Balboa Peninsula Park and the nearby Balboa Pier. This clean, upgraded and remodeled building includes a great unit mix of two large 3 bedroom/2 bath units and one 2 bedroom/2 bath unit. Two units have direct ocean, beach, sunset, pier and boardwalk views. The lot is an oversized 3,920 sqft (per assessor) that can offer exciting future redevelopment opportunities, buyer to verify options with the city. For the first time in the building’s history, it was effectively run as a licensed short term rental and generated nearly $200,000 in income for the year. The conservative annual pro forma income is $225,000+. Over $50,000 is already booked for the summer 2019 season. Now that this asset is stabilized and income is growing, it’s perfect for the investor looking to simply cash checks and maybe occasionally visit and stay in a premier oceanfront location. The building also features a shared interior courtyard plus a front patio abutting the boardwalk. The alleyway provides access to a huge 3 car garage with laundry area and ample storage space. All units are separately metered for gas and electric. All furniture and household goods are included in the sale.
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Listing courtesy of Coldwell Banker Res. Brokerage

Amenities

  • Full baths
    0
  • Half baths
    0
  • Zip
    92661
  • Office name
    Coldwell Banker Res. Brokerage
  • SQFT
    0
  • Bedrooms
    0
  • Year built
    1971
  • Lot size
    3920.00
  • Sewer
    Public Sewer
  • Tax year
    0
  • Agent name
    Christian Walsh
  • Tax amount
    $ 0.0
  • Purchase Type
    Active
  • HOA fees
    $ 0.00
  • Price Range
    $2m+
  • Square Feet Range
    < 1000 sq ft.
  • Year Built Range
    1989 (and earlier)
  • Office ID
    PB14622
  • Agent ID
    PWALSCHR

Location

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