1628 W Oceanfront, Newport Beach, CA 92663
- $12,150,000
- Sold Price
- $12,150,000
- List Price
- $12,995,000
- Closing Date
- Jun 14, 2024
- Status
- CLOSED
- MLS#
- OC24086150
- Year Built
- 1931
- Lot Size
- 3,485
- Acres
- 0.08
- Lot Location
- Corner Lot
- Days on Market
- 3
- Property Type
- Multifamily
- Style
- Contemporary, Modern, Spanish
- Property Sub Type
- Mixed Use
- Stories
- Two Levels
- Neighborhood
- Balboa Peninsula (Commercial) (Bpcd)
Property Description
Unique opportunity to own a fully renovated 11 unit oceanfront vacation rental property that feels like a first class boutique hotel. Welcome to 1628 West Oceanfront, with nine highly sought-after short-term rental permits make it easy to experience investment returns with a projected 4.3% cap rate, create a personal residential compound, or live in one unit and rent the rest. Located on the Balboa Peninsula between the Newport and Balboa piers, the property occupies a large 35' corner lot, giving it more visibility and added privacy with only one direct neighbor. Panoramic views encompass golden sands, the Pacific Ocean, dramatic sunsets, Catalina Island and the Orange County coastline. A beach-front entrance leads to a variety of rooms that includes seven studios; two two-bedroom, one-bath designs; and two one-bedroom, one-bath designs. Depending on the room, guests will enjoy a kitchenette or dine-in kitchen, sitting rooms, ocean-view patios, and luxurious freestanding bathtubs. Every room showcases luxury vinyl plank flooring, soothing white and gray color themes, quartz countertops, Shaker cabinetry, recessed lighting, dual-pane windows, and custom tile work. Marina Park, which features a playground, picnic areas, a beach and basketball courts, is only one block away. Fashion Island shopping and dining, the Balboa Fun Zone, Balboa Island, golf, biking paths and more are all just minutes away.
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Additional Information
- Appliances
- Refrigerator
- Pool Description
- None
- Heat
- Central
- Cooling Description
- None
- Garage Spaces Total
- 4
- Sewer
- Public Sewer
- Water
- Public
- Interior Features
- Furnished, Main Level Primary
- Attached Structure
- Detached
- Number Of Units Total
- 11
- Gross Scheduled Income
- $911,292
- Operating Expense
- 355658
Listing courtesy of Listing Agent: Tara McNabb (taralmcnabb@icloud.com) from Listing Office: Compass.
Listing sold by Tara McNabb from Compass
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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.