1402 W Oceanfront

Newport Beach , CA 92661

MLS#: NP24093413

$5,995,000

Status: Closed
Listing number: NP24093413
Listing provided by: Chamberlain Real Estate
Listing agent phone: None
Last update: 1 year, 2 months ago
On site: 1 year, 3 months ago
Browse Properties
Balboa Peninsula (Residential) (BALP) - Residential

Property

Beds

4

Full Baths

2

1/2 Baths

None

Year Built

1945

Sq.Footage

2,400

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.

Features & Amenities

Interior

  • Total Bedrooms

    4

  • Bathrooms

    2

  • Cooling YN

    NO

  • Cooling

    N/A

  • Fireplace YN

    NO

  • Main Level Bedrooms

    2

Exterior

  • Garage

    Yes

  • Garage spaces

    1

  • Parking

    Attached, Concrete, Garage, Garage Faces Rear

  • Pool

    Yes

  • Pool Features

    None

  • View

    Ocean, Water

Area & Lot

  • Lot Size(acres)

    0.07

  • Property Type

    Residential

  • Property Sub Type

    Duplex

Price

  • Sales Price

    $5,995,000

  • Sq. Footage

    2, 400

  • Price/SqFt

    $2,497

HOA

  • Association

    NO

School District

  • Elementary School

    N/A

  • Middle School

    N/A

  • High School

    N/A

Property Features

  • Stories

    2

  • Accessibility Features

    Safe Emergency Egress from Home

  • Senior Community YN

    NO

  • Sewer

    Public Sewer

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Location

County

Orange

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Listing Courtesy of Joshua Coburn , Chamberlain Real Estate

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(818) 321-0175

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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.

1402 W Oceanfront

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