Sold
Closed
506 E Oceanfront
Newport Beach CA, 92661
$4,000,000
$1,314.06 per sqft
Sold
Closed
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
November 22, 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 |
---|---|---|
11/16/2024 | Sold | $4,000,000 |
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 11/22/2024. 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.
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Data last updated on 11/22/2024 at 7:26 PM UTC