$2,375,000
$2,495,000
4.8%For more information regarding the value of a property, please contact us for a free consultation.
3,049 Sqft Lot
SOLD DATE : 05/02/2023
Key Details
Sold Price $2,375,000
Property Type Multi-Family
Sub Type Duplex
Listing Status Sold
Purchase Type For Sale
Subdivision Balboa Peninsula (Residential) (Balp)
MLS Listing ID OC22233646
Sold Date 05/02/23
HOA Y/N No
Year Built 1955
Lot Size 3,049 Sqft
Property Description
A unique opportunity to acquire a Residential Duplex on Balboa Boulevard in Newport Beach, CA. The Residential Duplex consists of a one unit that is comprised of a 3 bedroom / 2 bathroom and another unit that is a 2 bedroom /1 bathroom. Both units are currently on MTM Leases at below market rent, which allows an investor the opportunity to bring the units to market rent. In addition, the duplex currently zoned for R-2, which allows for short term lodging (less than 30 consecutive days) with a city permit.
The subject property is located in Newport Beach, CA, specifically in the affluent neighborhood of Balboa Peninsula. The duplex is ideally located on Balboa Boulevard near 11th street, which is a couple blocks from the beach and the bay. commonly known as the Balboa Peninsula of Newport Beach, CA. The property is within walking distance to Newport Pier, Marina Park, Newport Elementary School, the Balboa Fun Zone and numerous restaurants and shops. The duplex is within a few miles of Hoag Hospital, which regionally and nationally ranked by U.S. News & World Report.
Location
State CA
County Orange
Area Np - Balboa Peninsula
Interior
Fireplace No
Laundry In Garage
Exterior
Garage Spaces 2.0
Garage Description 2.0
Pool None
Community Features Sidewalks, Water Sports
Waterfront Description Across the Road from Lake/Ocean,Ocean Side Of Highway
Total Parking Spaces 2
Private Pool No
Building
Lot Description Rectangular Lot
Story 1
Entry Level One,Two
Sewer Public Sewer
Water Public
Level or Stories One, Two
New Construction No
Others
Senior Community No
Tax ID 04726322
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Financing Cash
Special Listing Condition Standard
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Bought with Philip Immel • Pacific Sotheby's International Realty
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "