$5,700,000
$5,395,000
5.7%For more information regarding the value of a property, please contact us for a free consultation.
6,534 Sqft Lot
SOLD DATE : 05/21/2019
Key Details
Sold Price $5,700,000
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Subdivision Balboa Peninsula (Residential) (Balp)
MLS Listing ID OC19072633
Sold Date 05/21/19
Construction Status Fixer,Repairs Cosmetic
HOA Y/N No
Year Built 1913
Lot Size 6,534 Sqft
Acres 0.15
Property Description
PROBATE SALE. This is an absolute generational opportunity. Property is at Main Street and Edgewater Place - basically on Newport Harbor and directly adjacent to the iconic Balboa Pavilion - Harborside Restaurant, the Catalina Flyer, Fun Zone and the Balboa Ferry, and a quick stroll to Balboa Pier. The building consists of 12 apartment units above 5 retail spaces. The 12 upstairs residential units are accessed by a wide common interior staircase located at the front of the building at Main Street. All units have unbelievable bay views and one unit has a deck sitting atop the Harbor. Some of these residential units are compact micro-style, and others are spacious - all are very livable. The interior common area, along with the expansive deck space, can be highly upgraded to create a secure home feeling. Residential rents are well below market and can be increased dramatically - low rent is $735, high is $1,650; and they are master metered for utilities. There is approximately 4,566 square feet of retail space on the ground floor configured in 5 retail spaces which services the year-round tourist traffic at the famous Newport Beach Fun Zone in the heart of the Balboa Village. With appropriate property renovations, this opportunity is an incredible value-add play where the astute investor can experience a 4.31% cap in-place and an above market yield of 5.77% potentially going forward for a coastal asset of this kind. Court Confirmation is possible -
Location
State CA
County Orange
Area Np - Balboa Peninsula
Rooms
Ensuite Laundry Common Area
Interior
Interior Features All Bedrooms Up, Entrance Foyer
Laundry Location Common Area
Heating Wall Furnace
Cooling None
Flooring Carpet, Tile
Fireplace No
Appliance Free-Standing Range, Gas Range
Laundry Common Area
Exterior
Exterior Feature Awning(s)
Garage None
Fence None
Pool None
Community Features Storm Drain(s), Street Lights, Sidewalks, Urban
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Waterfront Description Bay Front
View Y/N Yes
View Bay, Harbor, Marina, Panoramic
Roof Type Flat,Other
Parking Type None
Private Pool No
Building
Lot Description Corner Lot, Street Level, Zero Lot Line
Story 2
Entry Level Two
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Construction Status Fixer,Repairs Cosmetic
Others
Senior Community No
Tax ID 04813317
Security Features Smoke Detector(s)
Acceptable Financing Cash, Cash to New Loan, Court Approval, Subject To Other
Listing Terms Cash, Cash to New Loan, Court Approval, Subject To Other
Financing Cash
Special Listing Condition Probate Listing
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Bought with Steven Brombal • Kidder Mathews of California
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "