1609 E Balboa Boulevard, Newport Beach, CA 92661

$3,850,000
List Price
$3,850,000
Status
ACTIVE UNDER CONTRACT
MLS#
OC21223383
Year Built
1949
Lot Size
2,474
Acres
0.06
Lot Location
Item25UnitsAcre
Days on Market
16
Property Type
Multifamily
Style
CapeCod, Craftsman
Property Sub Type
Quadruplex
Stories
Two Levels
Neighborhood
Balboa Peninsula Point (Blpp)

Property Description

Located in one of the most desirable destinations in Newport Beach, only steps from the beach and bay, 1609 E Balboa Blvd is your opportunity to own the most charming quadruplex on the Balboa Peninsula Point. Meticulously maintained and extensively upgraded last year, this truly exceptional property allows you to reap the benefits of instant and reliable income while enjoying the beach lifestyle for yourself if you so choose. Embodying the perfect coastal chic vibe with (1) two-bedroom, one-bathroom unit, a bonus studio and (3) completely remodeled one-bedroom, one-bathroom units with new wood-planked laminate flooring, custom wainscoting, crown molding, trending barn doors throughout and fireplaces make this property feel like an upscale, elegant and intimate beach retreat. In addition, the fully updated kitchens are guaranteed to impress, with new cabinetry, subway tile backsplash, white-quartz countertops and large farm sinks. Refrigerators, the gas stove/ovens, microwaves and new USB outlets top it all off, while the immaculate bathrooms will leave you feeling blissful. Stay cool and relaxed in the ocean breeze with new windows and custom shades for privacy and comfort. The building also includes an on-site laundry room with two sets of brand new front-load washers & dryers and plentiful storage for your paddleboards and bikes. Three epoxied and redone garages provide additional storage and income opportunity. The spacious and newly furnished front patio is the perfect scene for your summer barbecues and gatherings. Last but not least enjoy peace of mind with a completely new sewer line from the property to the city main, as well as new plumbing and electrical. The property has the potential to gross over $200,000 in short-term rental income. Walking distance to the beach, bay, restaurants, boutiques, and world famous Wedge surf spot, this property offers the quintessential Newport lifestyle. The Peninsula Point is famous for its iconic festivities, including the Christmas Boat Parade, 4th of July parade and fireworks, Friday night potlucks at the private Bay Beach, the private tennis club. This is a rare chance to place your stake amongst some of the most prized and sought-after real estate in the world.

Additional Information

Appliances
Barbecue, Convection Oven, Dishwasher, Freezer, Disposal, Gas Range, Microwave, Refrigerator
Pool Description
None
Fireplace Description
Family Room, Living Room
Heat
Wall Furnace
Cooling Description
None
Exterior Construction
Stucco
Garage Spaces Total
3
Sewer
Public Sewer
Water
Public
Number Of Units Total
4
Gross Scheduled Income
$136,020
Operating Expense
30913

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
Years

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

Listing courtesy of Giovanne Helou from The Oppenheim Group

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.