1514 W Oceanfront

Newport Beach, CA 92663 View Map $5,995,000 Ask a Question
Sq.Ft. Lot3,049
Year1957
Christian Walsh

Christian Walsh

(949) 635-4466
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Status: Sold
Property Type:Triplex
MLS #:NP21063345
Date Sold:6/21/2021
Lot Size:3,049 Sq. Ft.
County:Orange
Extraordinary opportunity to own a premier beachfront parcel in Balboa Peninsula with three transferable short term lodging permits. Capturing the symphonic pounding of surf, this pristine two-story beach-front compound is comprised of three spacious units and is constructed with features such as beamed ceilings, recessed lighting, brick fireplaces, and wood flooring. The front-facing units A and B offer views of the idyllic beaches of Newport from the balcony/deck, while the back unit offers privacy and serenity just moments from the sand. With an option to vacation or live in one unit and rent out the others, 1514 W Oceanfront is ideal as an exceptional compound for significant income opportunity or a seaside retreat for family and friends. Having achieved a net operating income of approximately $254,174 in 2020 amidst COVID-19 city restrictions, and adjusting for new property taxes for 2021, the triplex proves tremendous value and anticipates a net operating income of approximately $240,000 with a cap rate of approximately 4%.

Detailed Maps

Community Information

Address:1514 W Oceanfront Newport Beach, CA 92663
Area:NP - Balboa Peninsula
County:Orange
City:Newport Beach
Subdivision:Balboa Peninsula (Residential) (Balp)
Zip Code:92663

Architecture

Year Built:1957
Stories:2
Construction Materials: Drywall, Stucco
Building Area: 2800.0
Number of Buildings: 1
Total Units: 3
Stories Total: 2
Unit 1: 1 Unit•2 Beds•1 Bath•Furnished
Unit 2: 1 Unit•2 Beds•1 Bath•Furnished
Unit 3: 1 Unit•2 Beds•1 Bath•Furnished
Roof: Shingle
Garage Spaces: 3.0
Parking Total: 3.0

Features / Amenities

Interior Features: Beamed Ceilings, Balcony, Ceiling Fan(s), CeramicCounters, Recessed Lighting, Tile Counters, Track Lighting
Appliances: Built-In Range, Convection Oven, Gas Cooktop, Disposal, Gas Range, Gas Water Heater, Refrigerator
Fireplace Features: Dining Room, Family Room, Gas, Living Room, Masonry, Master Bedroom
Flooring: Laminate, Tile
Laundry: Common Area
Exterior Features: Lighting
Door Features: Mirrored Closet Door(s), Sliding Doors
Window: Screen(s)
Common Walls: No Common Walls
Cooling: Wall/Window Unit(s)
Heating: Fireplace(s), Natural Gas, Wall Furnace

Rooms

Family Room

Property Features

Lot Size: 0.07 Acres / 3,049 Sq. Ft.
Lot Features: NoLandscaping, Street Level
Waterfront: Beach Access, Beach Front, Ocean Access, Ocean Front, Ocean Side Of Freeway, Ocean Side Of Highway
View: Ocean, Panoramic, Water
Utilities: Cable Available, Electricity Available, Natural Gas Available
Sewer: Public Sewer
Water: Public
Electric: ElectricityOnProperty, 220 Volts in Garage, 220 Volts in Kitchen, 220 Volts in Laundry, Standard
Road Surface: Alley Paved, Paved
Fencing: Block, Masonry
Directions:From W Balboa Blvd toward 18th St, turn onto 19th St, turn onto W Oceanfront

Tax and Financial Info

Buyer Financing: CashtoNewLoan
Cap Rate: 4.23
Gross Income: $424,716
Gross Scheduled Income: $424,716
Net Operating Income: $254,174
Electric Expense: $1,468
Fuel Expense: $1,468
Insurance Expense: $1,308
Maintenance Expense: $2,164
New Taxes Expense: $63,117
Trash Expense: $1,468

Schools

WALKING AND TRANSPORTATION

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Listing provided courtesy of Tim Smith, Coldwell Banker Realty.
Based on information from California Regional Multiple Listing Service, Inc. as of June 21, 2021. 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, 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. IDX provided by Sierra Interactive.