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Listing 16 out of 89
$5,600,000 For Sale

1701 W Balboa Boulevard
Newport Beach, CA 92663

10 units | Multi Family Home
5227 sq ft - MLS# OC18248612
Property Photo
1/13

Description

RARE, DOUBLE LOT with 10 units and only 25 yards away to the Pacific Ocean on Balboa Peninsula. Unit mix consists of the following: one 4 bed 2 bath (has ocean views), one 2 bed 1 baths, three 1 bed 1 baths, 5 studios, and there are 10 separate garages. Professional Property Management company handling property with rents of approximately $22,630 per month, this could be enhanced if new owner decides to turn property into weekly vacation rentals as well as raising rents. All units are upgraded and updated with new kitchens and all have wood floors. Seller states the city of Newport Beach is open to having 7-10 condos built on the land itself thus giving an amazing opportunity for Investors, please check with City of Newport Beach.

Features

  • Property Type: Multi Family Home
  • Sub Type: Multi Family Home
  • Listing Status: Active
  • Zip Code: 92663
  • Year Built: 1948
  • Subdivision/Neighborhood: Balboa Peninsula (Residential) (Balp)
  • Style: Traditional
  • Stories: Two
  • Units: 10 units
  • # of Parking Spaces: 9.00
  • Lot Size: 5227 sq ft
  • View: Marina,Ocean, Yes
  • Waterfront: See Waterfront Details
  • Area: NP - Balboa Peninsula
  • Average 2 Bed Area Units: Square Feet
  • Average 3 Bed Area Units: Square Feet
  • Average Studio Area Units: Square Feet
  • Building Area Total: 7552.00
  • Building Area Units: Square Feet
  • Cap Rate: 2.80
  • Common Walls: 1 Common Wall
  • Community Features: Sidewalks, Street Lighting, Suburban
  • Country: US
  • Directions: 55 South to end.
  • Electric Expense: 14120.00
  • Flooring: Tile, Vinyl, Wood
  • Garage Spaces: 9.00
  • Gross Income: 271560.00
  • Gross Scheduled Income: 271560.00
  • Insurance Expense: 1500.00
  • Laundry Features: Community
  • Laundry YN: Yes
  • Listing Agent License: 01346460
  • Listing Office License: 00873752
  • Lot Features: 6-10 Units/Acre, Corner Lot, Level with Street
  • Lot Size Source: Assessor
  • Lot Size Units: Square Feet
  • MLS: CRM
  • Net Operating Income: 155604.00
  • New Taxes Expense: 61600.00
  • Number Of Buildings: 1
  • Number Of Units Leased: 10
  • Operating Expense: 120156.00
  • Parking Features: Assigned, Garage, On Site, Parking Space, Public
  • Parking YN: Yes
  • Property Attached YN: Yes
  • Road Frontage Type: City Street
  • Roof: Shingle
  • Sewer: Public Sewer
  • Stories Total: 2
  • Total Expenses: 120156.00
  • Trash Expense: 1525.00
  • Utilities: Cable Available
  • Water Sewer Expense: 3591.00
  • Water Source: Public
  • Waterfront Details: Beach Access,Beach Front,Ocean Access,Ocean Front,Ocean Side of Freeway,Ocean Side Of Highway 1,Sea Front
  • Year Built Source: Assessor
Courtesy of Lantern Bay Realty, Tony Morrison

Agent Mary Lou Skowronski
Mary Lou Skowronski DRE: 01398486 / Broker DRE: 01317331
Berkshire Hathaway HomeServices California Properties
1400 Newport Center Drive, #200 - Newport Beach, CA 92660

© “2018” BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate,and a franchisee of  BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of  America, Inc.® Equal Housing Opportunity. Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC.  BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data including measurements, conditions, and features of property,  Information obtained from various sources and will not be verified by broker or MLS. 

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Designations Ranks Agent Mary Lou Skowronski in the
Top 7% of Realtors Nationwide!
NABPOP BPO Certified Property Valuator, CPRES Certified Probate/Trust Real Estate Specialist, Investor Certified Realtor, ePRO – Internet Marketing Professional, 
Luxury Property Specialist, AREAA – Asian Real Estate Association of America, Designer and Accredited Home Staging Specialist,
REO and Short Sale Specialist, PSC Mastery HAFA Foreclosure Prevention Counselor

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