Active

506 E Oceanfront

NEWPORT BEACH CA, 92661

$4,995,000


$1,640.93 per sqft

Active

7 Beds

5 Baths

3,044 sqft

Multi-family

Built in 1973

$500,000 Price Reduction! Bring All Reasonable Offers for this Once in a lifetime opportunity! This asset is a once in a lifetime opportunity! Options to utilize it for your primary residence, 50% as your primary residence (since it's a legal duplex), and/or keep it fully in the rental pool generating income while having it accessible to use personally when vacant. Included in the sale, TWO highly coveted, transferable, active Short-Term-Lodging permits approved with the city. Buyer to verify all details for their intents and purposes.Located in the heart of the Balboa Peninsula on the Newport Beach Sand! Occupants can enjoy the immediate social life of the Bike Path & Volleyball Courts or a short stroll to the Surf Shops, Restaurants, Markets, and The Pier. Short term permits allow for approximate 16 occupants (buyer to verify) between the 2 units (Unit A, approximately 1333 sq ft.), a Three Bedroom Two Bath unit, and Unit B (approximately 1676 sq. ft), is a 4 bedroom 2 1/2 Bath. Special Note: Across the bike path from this asset, your resident's and their guest can enjoy access to a giant city parking facility. This asset has it ALL. Parking, Duplex, High Occupancy Potential, Income, Sand Location, Bike Path and immediate ocean/sand access. This is an heirloom asset that should not be overlooked! Other options to consider, park money here for your 1031 exchange? or lease it out to long term tenants? Opportunities are endless!

SB24045420MR

MLS ID

March 5, 2024

Listed

September 18, 2024

Updated

Map

506 E Oceanfront
NEWPORT BEACH CA, 92661

Interior Features

Total Stories

2


Bedrooms

7


Total Bathrooms

5


Laundry Description

Dryer, Dryer Included, Washer, Washer Included


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.06 Acres


Sewer

Public Sewer

Other Property Details

Area Name

Balboa Peninsula


Days on Market

196


Garage

Yes


Garage Spaces

2


Parking Total

3


View

Yes


View Description

Ocean, Pier, Water, White Water


County

Orange


Water Source

Public


Pool

No


Pool Features

None

Listing History

Date

Event

Price

9/18/2024

Active

Listed by David Holstein with The Holstein Group
Listing Contact: 310-891-3339 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Stephany Chen shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 9/18/2024

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