Pending

506 E Oceanfront

Newport Beach CA, 92661

$4,995,000


$1,640.93 per sqft

Pending

3,044 sqft

Multi-family

Built in 1973

Listed by David Holstein with The Holstein Group 310-345-9994

$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!

SB24045420

MLS ID

March 5, 2024

Listed

October 17, 2024

Updated

Map

506 E Oceanfront
Newport Beach CA, 92661

Interior Features

Total Stories

2


Appliances

Dryer, Washer


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.06 Acres


Lot Features

0-1 Unit/Acre


Sewer

Public Sewer

Other Property Details

Area Name

NP - Balboa Peninsula


Days on Market

204


Garage

Yes


Garage Spaces

2


Parking Total

3


View

Yes


View Description

Ocean, Pier, Water


County

Orange


Water Source

Public


Pool

No


Pool Features

None


Waterfront

Yes

Listing History

Date

Event

Price

9/30/2024

Pending

9/18/2024

Active

9/10/2024

Under contract

7/11/2024

Price change

$4,995,000

-10%

5/29/2024

Price change

$5,495,000

-9%

4/30/2024

Price change

$5,995,000

-8%

Listing Contact: 310-345-9994 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 10/17/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 10/17/2024 at 10:24 AM UTC

 

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