An extraordinary opportunity awaits on the iconic Balboa Peninsula, Newport Beach's original waterfront neighborhood. Built in the 1950s, this bayfront property offers either a complete remodel or the chance to design and build a dream residence from the ground up. Set on a 35' x 109' parcel with 35 feet of waterfrontage, the property features a private pier and dock accommodating vessels up to 55 feet--a true rarity in today's market. From this vantage point, enjoy sweeping views of Newport Harbor, the West Lido Channel, mountain silhouettes, and the sparkling city lights of Fashion Island. The backdrop is as dynamic as the lifestyle it promises. Here, land and sea come together seamlessly. Swim, sail, paddleboard, or cruise directly from your dock. Wake up to the energy of the harbor with morning crew workouts gliding across the bay, then head across the peninsula to the white sandy beaches of Balboa. The home sits conveniently between the Balboa Pier and Newport Pier, placing you in the heart of the action. Join the locals for daily runs, bike rides, or walks along the world-famous Boardwalk, where the ocean breeze and beach energy create a lifestyle unlike anywhere else. The location places you at the center of it all. A quick Duffy ride takes you to the boutique charm of Lido Village, with its waterfront dining, chic cafes, and luxury shops. Minutes away, enjoy world-class shopping at Fashion Island, effortless access to John Wayne Airport, and the vibrant nightlife of coastal Orange County. This is more than a property--it's a lifestyle. From quiet mornings with coffee as the harbor stirs awake, to afternoons on the sand, to evenings entertaining as sailboats drift by, 1340 W. Bay Avenue delivers a rare chance to create a generational home in one of Newport Beach's most coveted settings. This site allows for new construction of a home approximately 3,700-3,800 square feet in size, with a maximum height of 29 feet across three stories.