Sold
Closed
1402 W Oceanfront
Newport Beach CA, 92661
$5,900,000
$2,458.33 per sqft
Sold
Closed
4 Beds
2 Baths
2,400 sqft
Multi-family
Built in 1945
Listed by Joshua Coburn with Chamberlain Real Estate 562-552-1127
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 suite and deck above, as well as a 1-car parking garage below.
Beyond the boundaries of your property lies a world of recreation and relaxation, with beach volleyball courts, surf shops, markets, and marinas just steps away. On 15th Street, just a few minutes' walk up the boardwalk, one can find 15th Street Surf Shop, Fry's Market for basic groceries, and Marina Park for strolling the greenery. Indulge in the coastal lifestyle at Newport Beach Pier's boutiques and award-winning eateries, all beckoning for exploration.
But the real magic lies in the potential of this property. With plenty of room to renovate and expand, the possibilities are as vast as the ocean itself. Seize the moment and make your mark on Newport Beach's prestigious and limited shoreline. With opportunities like this, the time to invest in your future is now.
NP24093413
MLSⓇ ID
May 8, 2024
Listed
August 30, 2024
Updated
Map
1402 W Oceanfront
Newport Beach CA, 92661
Interior Features
Total Stories
2
Bedrooms
4
Total Bathrooms
2
Full Bathrooms
2
Interior Features
Bedroom on Main Level
Appliances
6 Burner Stove, Dryer, Washer
Laundry Description
Laundry Room
Fireplace
No
Fireplace Description
None
Cooling
No
Cooling Description
None
Heating
No
Exterior/Building Features
Lot Size
0.07 Acres
Lot Features
Yard
Sewer
Public Sewer
School Information
School District
Newport Mesa Unified
Other Property Details
Area Name
NP - Balboa Peninsula
Days on Market
15
Garage
Yes
Garage Spaces
1
Parking
Concrete, Garage, Garage Faces Rear
Parking Total
1
View
Yes
View Description
Ocean, Pier, Water
County
Orange
Water Source
Public
Pool
No
Pool Features
None
Listing History
Date | Event | Price |
---|---|---|
6/14/2024 | Sold | $5,900,000 |
5/25/2024 | Under contract | — |
Listing Contact: 562-547-3505
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 8/30/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.
Data last updated on 8/30/2024 at 7:46 PM UTC