Orange, Residential Income – 1701 W Balboa Blvd, Newport Beach, CA 92663, USA -001-11-30T00:00:00-08:00
RARE, DOUBLE LOT with 10 units and only 25 yards away from the sand 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. Professiona
1701 W Balboa Blvd, Newport Beach, CA 92663, USA
$5,699,000 USD
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Address1701 West Balboa Boulevard, Newport Beach
Price$5,699,000
Price Changed3.39% (-$200,000, 19 days ago)
Year Built1948
Bedrooms Total0
Living Area7,552 ft2
Lot Size (Sq.Ft.)5,227
Listing IDOC17224478
StatusActive
Parcel Number04720109
Special ConditionsStandard
Days on Market50

Detailed Description: RARE, DOUBLE LOT with 10 units and only 25 yards away from the sand 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 is handling the property with total rents are approximately $21,000 per month, this could be enhanced if new owner decides to turn property into weekly vacation rentals. All units are upgraded and updated with new kitchens and all have original wood floors that have been refinished along with newer carpet. Owner states the city of Newport Beach is open to having 10 condos built on the land itself thus giving an amazing opportunity for Investors, please check with City of NB. PLEASE DO NOT DISTURB ANY TENANTS, DRIVE BY ONLY, SHOWN WITH ACCEPTED OFFER.

Association
Laundry
Parking
Pool Private
Rent Control
Senior Community
Property Attached
Land Lease

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Address Information
Address1701 West Balboa Boulevard, Newport Beach
Street PrefixWest
Street SuffixBoulevard
Subdivision NameBalboa Peninsula (Residential) (BALP)
CityNewport Beach
Location (MLS Area)NP – Balboa Peninsula
County Or ParishOrange
State or ProvinceCA
Postal Code92663
CountryUS
Financial Information
Price Changed-3.3904%
Previous Price$5,899,000
Price per Square Foot$754.63
Price per Lot Square Foot$1,090.30
Special ConditionsStandard
Total Expenses$103,216
Professional Management Expense$10,452
Operating Expense$103,216
Insurance Expense$1,500
Gardner Expense$1,300
Electric Expense$11,695
Water Sewer Expense$1,666
Trash Expense$1,326
Maintenance Expense$6,251
Cable TV Expense$1,974
Gross Income$248,904
Gross Scheduled Income$248,904
Net Operating Income$148,783
Total Actual Rent$20,742
Tax Year2000
Tax Lot27
New Taxes Expense$64,889
Full Descriptions
Parcel Number04720109
Detailed DescriptionRARE, DOUBLE LOT with 10 units and only 25 yards away from the sand 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 is handling the property with total rents are approximately $21,000 per month, this could be enhanced if new owner decides to turn property into weekly vacation rentals. All units are upgraded and updated with new kitchens and all have original wood floors that have been refinished along with newer carpet. Owner states the city of Newport Beach is open to having 10 condos built on the land itself thus giving an amazing opportunity for Investors, please check with City of NB. PLEASE DO NOT DISTURB ANY TENANTS, DRIVE BY ONLY, SHOWN WITH ACCEPTED OFFER.
Lot Features6-10 Units / Acre, Corner Lot, Level with Street
Community FeaturesSidewalks, Street Lighting, Suburban
Architectural StyleCottage
Water SourcePublic
Laundry FeaturesArea, Community
Parking FeaturesGarage
Common Walls Description2
Waterfront FeaturesBeach Access, Beach Front, Ocean Access, Ocean Side of Freeway, Ocean Side Of Highway 1
Pool FeaturesNone
Property parameters
Year Built1948
Living Area (Sq.Ft.)7,552 ft2
Lot Size (Sq.Ft.)5,227
Lot Size SourceAssessor
Number of Buildings1
Number of Units Leased10
Number of Units Total10
Stories Total2
Parking Spaces10
Garage Spaces10
LevelsTwo
Water SourcePublic
Units Total10
Year Built SourceAssessor
Number of Separate Electric Meters1
Number of Separate Gas Meters1
Number of Separate Water Meters1
Cap Rate (For Cash Payment Only)2.5
Listed withTony Morrison (Lantern Bay Realty)