1402 W Oceanfront, Newport Beach
Newport Beach Home For Sale
An Oceanfront Investment Gem: Your Canvas Awaits Elevate your investment portfolio with this truly rare opportunity on the sands of Newport Beach's Balboa Peninsula. This West Oceanfront Duplex is set on the deepest lot on the Peninsula, measuring 30 x 102.5, providing immediate utilization with ample future development opportunity. Preliminary plans have been explored for expansion up to a generous 4,000 square feet of living space, allowing you to craft a spectacular oceanfront owner's unit with an INTERNAL ADU. Alternatively, the new owner can execute redevelopment into a 2-unit rental powerhouse, with a 4-bedroom and 3-bedroom stacked short-term rental, potentially generating over $500,000 in gross revenues per year. Perfect for investors seeking to capitalize on the allure of Newport Beach's vibrant rental market, this property boasts not one, but TWO highly coveted, transferable, active short-term-rental permits approved with the city. Buyer to verify all details for their intents and purposes. In the propertys immediate condition, it offers a charming retreat featuring one bedroom, one bathroom, and an inviting open-concept layout in the front. Additionally, there is a two-level 'original condition' residence at the rear of the lot, which includes a 2-bedroom suite and deck above, as well as a 1-car parking garage below. Beyond the boundaries of your property lies a world of recreation and relaxation, with beach volleyball courts, surf shops, markets, and marinas just steps away. On 15th Street, just a few minutes' walk up the boardwalk, one can find 15th Street Surf
Property Details
Additional Information
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- City:
- Newport Beach
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- County:
- Orange
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- Zip:
- 92661
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- MLS® #:
- NP24093413
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- Bedrooms:
- 4
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- Bathrooms:
- 2
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- Square Ft:
- 2,400
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- Lot Size:
- 0.07
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- Neighborhood:
- OC - NEWPORT BEACH (92661)
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- Garages:
- 1
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Listing information last updated on June 1st, 2024 at 10:32am PDT.