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906 E Oceanfront, Newport Beach, CA 92661
$4,350,000
906 E Oceanfront, Newport Beach, CA 92661View this property at 906 E Oceanfront, Newport Beach, CA 92661
906 E OceanfrontNewport BeachCA92661
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Property Description
This way to the beach...906 E. Oceanfront is one of the few legal triplexes on the Peninsula and is conveniently located on the boardwalk across from Balboa Peninsula Park and the nearby Balboa Pier. This clean, upgraded and remodeled building includes a great unit mix of two large 3 bedroom/2 bath units and one 2 bedroom/2 bath unit. Two units have direct ocean, beach, sunset, pier and boardwalk views. The lot is an oversized 3,920 sqft (per assessor) that can offer exciting future redevelopment opportunities, buyer to verify options with the city.
For the first time in the building's history, it was effectively run as a licensed short term rental and generated nearly $200,000 in income for the year. The conservative annual pro forma income is $225,000+. Over $50,000 is already booked for the summer 2019 season. Now that this asset is stabilized and income is growing, it's perfect for the investor looking to simply cash checks and maybe occasionally visit and stay in a premier oceanfront location.
The building also features a shared interior courtyard plus a front patio abutting the boardwalk. The alleyway provides access to a huge 3 car garage with laundry area and ample storage space. All units are separately metered for gas and electric. All furniture and household goods are included in the sale.
Full Property Details
Full Property Details for 906 E Oceanfront
General
- Sold For: $4,350,000
- Status: Closed
- Type: Multi-Family
- MLS ID: PW19029273
- Added to Site: 1, 904 day(s) ago
Rooms
Other Rooms
- Laundry: In Garage
Additional Information
- Pool Description: None
Parking
- Garage Spaces: 3
- Parking Features: Garage
- Parking: Garage
Location
- Area: NP - Balboa Peninsula
- County: Orange
- Development Name: NP - Balboa Peninsula
- Driving Directions: A street /Oceanfront
Utilities
- Sewer: Public Sewer
- Water: Public
- # Water Meters: 1
- # Gas Meters: 3
- # Electric Meters: 3
Structural Information
- Stories/Levels: Two
- Stories Description: Two
- Square Feet: 3,255
- Year Built: 1971
Lot Features
- Property View: Catalina, Coastline, Ocean, Panoramic, Park/Greenbelt, Water
- Lot Size (Acres): 0.09
- Lot Size Source: Assessor
- Lot Description: No Landscaping
Financial Considerations
- Price Per Sq. Ft.: $1,336.41
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Schools
Schools serving 906 E Oceanfront
School District:Newport-Mesa Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
1327 W Balboa Blvd, Newport Beach, CA 92661 | K-6 | 1.2 mi | |
2000 Cliff Dr, Newport Beach, CA 92663 | 7-8 | 1.6 mi | |
600 Irvine Ave, Newport Beach, CA 92663 | 9-12 | 1.7 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 906 E Oceanfront
Date
Details
Price
Change
Source
7/02/2019
Sold
$4,350,000
-3.31%
MLS
2/07/2019
Listed
$4,499,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
906 E Oceanfront, Newport Beach, CA 92661 (MLS# PW19029273) is a Multi-Family property that was sold at $4,350,000 on July 02, 2019. Want to learn more about 906 E Oceanfront? Do you have questions about finding other Multi-Family real estate for sale in Newport Beach? You can browse all Newport Beach real estate or contact a Coldwell Banker agent to request more information.