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