2711 W Balboa Boulevard, Newport Beach, CA 92663

$3,325,000
Sold Price
$3,325,000
List Price
$3,399,000
Closing Date
Jul 10, 2024
Status
CLOSED
MLS#
NP23179029
Year Built
1972
Lot Size
2,178
Acres
0.05
Lot Location
Paved
Days on Market
246
Property Type
Multifamily
Property Sub Type
Duplex
Stories
Two Levels
Neighborhood
Lido Peninsula (Lipn)

Property Description

Discover authentic coastal living in the heart of the picturesque Balboa Peninsula. Located a mere ten homes away from the beach within the famed 100 block, and moments from Newport Beach's radiant sands and shimmering sea, this premier parcel epitomizes flexibility. Your dream beach home is now attainable. Enjoy it when you wish and rent it when you choose. This dual-offering presents a perfect blend of significant income potential and personal beachside luxury. The property, covering nearly 2,474 square feet, features two fully furnished units and has been extensively remodeled and re-piped in 2020, with a new roof added in 2024. Introduced by a private staircase, Unit B radiates elegance and style. With three bedrooms and two bathrooms, it features a spacious dining area and a balcony perfect for BBQ evenings. Boasting dramatic tongue-and-groove vaulted ceilings, sun-filled skylights, charming Dutch entry doors, and custom designer tiles, along with fresh paint and new flooring in 2024, every aspect of this home radiates sophistication. On the ground floor, Unit A is a contemporary gem with an open-plan design. Featuring two bedrooms and two bathrooms, this home is enhanced with upgrades including Nest thermostats, recessed lighting, stainless steel appliances, custom cabinetry, designer subway tile backsplashes, fresh paint (2024), and impeccable countertops. 2711 W Balboa isn't merely a residence; it's a remarkable opportunity. With two short-term rental permits in hand, it boasts a cap rate of approximately 3%, offering considerable upside potential. Situated near iconic beaches, world-class dining, and the renowned Fashion Island Shopping center, this property is both a golden chance for steady income and a beachside paradise. Embrace the flexibility and make the beach both your backyard and your business.

Additional Information

Appliances
Dishwasher, Freezer, Gas Cooktop, Gas Oven, Microwave, Refrigerator
Pool Description
None
Heat
Forced Air
Cooling
Yes
Cooling Description
Central Air
View
Neighborhood
Garage Spaces Total
2
Sewer
Public Sewer
Water
Public
Interior Features
Beamed Ceilings, Built-in Features, Balcony, Ceiling Fan(s), High Ceilings, Open Floorplan, Recessed Lighting, Tile Counters, Bedroom on Main Level, Main Level Primary, Walk-In Closet(s)
Attached Structure
Attached
Number Of Units Total
2
Gross Scheduled Income
$204,000
Operating Expense
75000

Listing courtesy of Listing Agent: Greg Blake (gregblake@timsmithgroup.com) from Listing Office: Coldwell Banker Realty.

Listing sold by Tyler Brown from Compass

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

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.