Newport Beach, CA 92661,1402 W Oceanfront
Newport Beach, CA 92661,1402 W Oceanfront
Newport Beach, CA 92661,1402 W Oceanfront
25
$5,900,000
$5,995,000
1.6%
Est.Price: ?

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4 BD
2 BA
2,400 SqFt

1402 W Oceanfront Newport Beach, CA 92661

Est. payment /mo
SOLD DATE : 06/13/2024

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Key Details

Sold Price $5,900,000

Property Type Multi-Family

Sub Type Duplex

Listing Status Sold

Purchase Type For Sale

Square Footage 2,400 sqft

Price per Sqft $2,458

Subdivision Balboa Peninsula (Residential) (Balp)

MLS Listing ID NP24093413

Bedrooms 4

Full Baths 2

Year Built 1945

Lot Size 3,049 Sqft

Property Description

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.

Location

State CA

County Orange

Area Np - Balboa Peninsula

Interior

Cooling None

Fireplaces Type None

Laundry Laundry Room

Exterior

Parking Features Concrete, Garage, Garage Faces Rear

Garage Spaces 1.0

Garage Description 1.0

Pool None

Community Features Biking, Curbs, Park, Water Sports

View Y/N Yes

View Ocean, Pier, Water

Building

Lot Description Yard

Story 2

Sewer Public Sewer

Water Public

New Construction No

Schools

School District Newport Mesa Unified

Others

Acceptable Financing Cash, Cash to New Loan, Conventional

Listing Terms Cash, Cash to New Loan, Conventional

Special Listing Condition Standard

Read Less


California Regional MLS (CRMLS)
Listed by Joshua Coburn • Chamberlain Real Estate • 562-552-1127
Bought with Jeff Pierce • JohnHart Real Estate

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Todd Kingsley

Agent | License ID: 02118744

+1(310) 710-8633

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