1514 W Oceanfront, Newport Beach, CA 92663

$5,995,000
6
BD
3
BA
2,800
SqFt
List Price
$5,995,000
Status
ACTIVE
MLS#
OC20142121
Year Built
1957
Bedrooms
6
Bathrooms
3
Living Sq. Ft
2,800
Lot Size
3,049
Acres
0.07
Lot Location
Level with Street, Rectangular Lot, Park Nearby, Walkstreet
Days on Market
22
Property Type
Single Family Residential
Style
Traditional
Property Sub Type
Triplex
Stories
Two Level
Builders Tract Code
Balboa Peninsula (Residential) (BALP)
Neighborhood
Balboa Peninsula (Residential) (Balp)

Property Description

Rare legal oceanfront Triplex in highly desired, central oceanfront location on the boardwalk between the two piers was recently remodeled in 2020. Excellent income history with proven track record and immaculate condition. Live in one unit and offset costs by renting the other 2! Stunning unobstructed "sit-down" ocean, Catalina and sunset views from the 2 front units. Recent upgrades include new interior and exterior paint in all units, remodeled kitchens, new tiled bathrooms with seamless glass showers, double sinks and quartz countertops. All 3 units are 2 bedroom and 1 bath. Unit A is the upper oceanfront unit that sleeps 7 with vaulted beam ceilings throughout, Great Room with walls of glass to the ocean, brick fireplace, wood floors, open kitchen with breakfast bar and new quartz countertops in kitchen and bathroom. Unit B is the lower oceanfront unit that sleeps 6 and features a private front patio w/ sliding door, brick fireplace, open kitchen, dining nook, breakfast bar, gas cooktop, new quartz countertops and tile backsplash in remodeled kitchen and bathroom. Unit C is the lower back unit that sleeps 6 and does not face the ocean. Nicely remodeled with tile and wood floors, beam ceiling, crown molding, open floor plan, remodeled kitchen and bath. Each unit has access to a 1 car garage and shared laundry. Pro-forma gross income of $376K and net income $200K (3.4% Cap rate). All furnishings included. Close proximity to Marina Park, Balboa Fun Zone and 20+ restaurants.

Additional Information

Tract Number
515
Lot Description
Carbon Monoxide Detector(s), Smoke Detector(s), Biking, Fishing, Park, Watersports, Storm Drains, Street Lights
Kitchen Features
Granite Counters, Kitchen Open to Family Room, Quartz Counters, Remodeled Kitchen
Appliances
Dishwasher, Electric Cooktop, Disposal, Gas Cooktop, Gas Water Heater, Microwave, Refrigerator
Pool Description
None
Fireplace Description
Living Room
Heat
Electric
Cooling Description
None
View
Catalina, Coastline, Ocean, Panoramic, Pier, Water, White Water
Exterior Construction
Stucco
Roof
Composition
Garage Spaces Total
3
Sewer
Public Sewer
Water
Public
School District
Newport Mesa Unified
Elementary School
Newpor
Middle School
Ensign
High School
Harbor
Attached Structure
Detached
Total Number of Units
3

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
Years

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Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Dean Lueck from Compass

Based on information from California Regional Multiple Listing Service, Inc. as of . 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, 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.