Paul Daftarian
Luxe Real Estate
(657) 385-8384
244 Total Sales
4 in Balboa Peninsula Point
$11.4M - $27M Price Range
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
- Property has ocean access
- Hiking Trails
- White Water Ocean Views
- Fishing
- Laundry Facilities
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
Last Buyer's Agent
General NONMEMBER
NONMEMBER MRML
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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
- Entry on the 1st floor
Interior Spaces
- 3,044 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 7 Bedrooms
- 5 Bathrooms
Laundry
- 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
Amenities
- Laundry Facilities
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
Ownership History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Mar 5, 2024
Closed on
Nov 14, 2024
Sold by
Bought by
Seller's Agent
David Holstein
The Holstein Group
Buyer's Agent
General NONMEMBER
NONMEMBER MRML
List Price
$6,500,000
Sold Price
$4,000,000
Premium/Discount to List
-$2,500,000
-38.46%
Views
52
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,000,000
Outstanding Balance
$1,962,203
Interest Rate
6.25%
Mortgage Type
New Conventional
Purchase Details
Listed on
Mar 5, 2024
Closed on
Nov 13, 2024
Sold by
Bought by
Seller's Agent
David Holstein
The Holstein Group
Buyer's Agent
General NONMEMBER
NONMEMBER MRML
List Price
$6,500,000
Sold Price
$4,000,000
Premium/Discount to List
-$2,500,000
-38.46%
Views
52
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,000,000
Outstanding Balance
$1,962,203
Interest Rate
6.25%
Mortgage Type
New Conventional
Purchase Details
Closed on
May 1, 2015
Sold by
Bought by
Purchase Details
Closed on
May 9, 2012
Sold by
Bought by
Purchase Details
Closed on
Aug 24, 1999
Sold by
Bought by
Home Values in the Area
Average Home Value in this Area
Agents Specializing in Balboa Peninsula Point, CA
-
Paul Daftarian
-
Keegan Budden
Keegan Budden
Douglas Elliman of California Inc.
(949) 763-5747
15 Total Sales
4 in Balboa Peninsula Point
$6.9M - $8.7M Price Range
-
Justine Howard
Justine Howard
Coldwell Banker Realty
(949) 822-9869
13 Total Sales
2 in Balboa Peninsula Point
$3,850,000 Price Range
-
Nura Motal
Nura Motal
Responds QuicklyDouglas Elliman of California
(952) 230-0628
63 Total Sales
2 in Balboa Peninsula Point
$4,050,000 Price Range
-
Mehdi Khosh
Mehdi Khosh
Responds QuicklyBerkshire Hathaway HomeService
(949) 541-2190
84 Total Sales
1 in Balboa Peninsula Point
$12,000,000 Price
-
Rebecca Anderson
Rebecca Anderson
Responds QuicklySurterre Properties Inc.
(949) 763-4678
23 Total Sales
1 in Balboa Peninsula Point
$4,625,000 Price
Purchase History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| $4,000,000 | First American Title Company | ||
| -- | First American Title | ||
| -- | First American Title | ||
| -- | None Available | ||
| -- | None Available | ||
| -- | -- |
Source: Public Records
Mortgage History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | $2,000,000 |
Source: Public Records
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 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
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $10,429 | $4,000,000 | $3,769,535 | $230,465 |
| 2024 | $10,429 | $938,293 | $707,828 | $230,465 |
| 2023 | $10,181 | $919,896 | $693,949 | $225,947 |
| 2022 | $10,007 | $901,859 | $680,342 | $221,517 |
| 2021 | $9,817 | $884,176 | $667,002 | $217,174 |
| 2020 | $9,723 | $875,110 | $660,162 | $214,948 |
| 2019 | $9,529 | $857,951 | $647,217 | $210,734 |
| 2018 | $9,342 | $841,129 | $634,527 | $206,602 |
| 2017 | $9,178 | $824,637 | $622,086 | $202,551 |
| 2016 | $8,975 | $808,468 | $609,888 | $198,580 |
| 2015 | $8,888 | $796,325 | $600,727 | $195,598 |
| 2014 | $8,679 | $780,727 | $588,960 | $191,767 |
Source: Public Records
Agents Affiliated with this Home
-
David Holstein
Seller's Agent in 2024
David Holstein
The Holstein Group
(310) 891-3339
1 in this area
13 Total Sales
-
G
Buyer's Agent in 2024
General NONMEMBER
NONMEMBER MRML
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB24045420
APN: 048-122-10
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
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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