Seller's Agent in 2024
David Holstein
The Holstein Group
(310) 891-3339
1 in this area
11 Total Sales
506 E Oceanfront Newport Beach, CA 92661
Balboa Peninsula Point Neighborhood
7
Beds
5
Baths
3,044
Sq Ft
2,614
Sq Ft Lot
Highlights
- Beach Front
- White Water Ocean Views
- Fishing
- Newport Elementary School Rated A
- Property has ocean access
- 3-minute walk to Balboa Peninsula Park
About This Home
As of November 2024$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!
Last Agent to Sell the Property
The Holstein Group Brokerage Phone: 310-345-9994 License #01210777 Listed on: 03/05/2024
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1973
Lot Details
- 2,614 Sq Ft Lot
- Beach Front
- Two or More Common Walls
- Density is up to 1 Unit/Acre
Parking
- 1 Open Parking Space
- 2 Car Garage
Property Views
- White Water Ocean
- Views of a pier
Home Design
- Duplex
Interior Spaces
- 3,044 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 7 Bedrooms
- 5 Bathrooms
Laundry
- Laundry Room
- Dryer
- Washer
Outdoor Features
- Property has ocean access
Listing and Financial Details
- Legal Lot and Block 12 / 6
- Tax Tract Number 104
- Assessor Parcel Number 04812210
- $537 per year additional tax assessments
Community Details
Overview
- 2 Units
- Balboa Peninsula Subdivision
Recreation
- Fishing
- Water Sports
- Hiking Trails
- Bike Trail
Building Details
- 2 Separate Electric Meters
- 2 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $3,500
- Insurance Expense $4,500
- Maintenance Expense $10,000
- Professional Management Expense $10,000
- Water Sewer Expense $3,800
- New Taxes Expense $75,000
- Operating Expense $106,800
- Gross Income $61,000
- Net Operating Income $93,200
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 11/15/2024 11/15/24 | Sold | $4,000,000 | -19.9% | $1,314 / Sq Ft |
| 09/25/2024 09/25/24 | Pending | -- | -- | -- |
| 07/10/2024 07/10/24 | Price Changed | $4,995,000 | -9.1% | $1,641 / Sq Ft |
| 05/29/2024 05/29/24 | Price Changed | $5,495,000 | -8.3% | $1,805 / Sq Ft |
| 04/29/2024 04/29/24 | Price Changed | $5,995,000 | -7.8% | $1,969 / Sq Ft |
| 03/05/2024 03/05/24 | For Sale | $6,500,000 | -- | $2,135 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
David Holstein
-
NoEmail NoEmail
N
Buyer's Agent in 2024
NoEmail NoEmail
NONMEMBER MRML
(646) 541-2551
1 in this area
5,589 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB24045420
APN: 048-122-10
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Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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