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1628 W Oceanfront

Newport Beach, CA 92663
  • $12,150,000
  • STATUS: Closed
  • ON SITE: 53 Days
  • ID#: OC24086243
Sold - 06/14/2024
$12,150,000
SOLD - 06/14/2024
  • 13
    BEDS
  • 0.08
    ACRES
  • 11
    BATHS
  • 0
    1/2 BATHS
  • 5,123
    SQFT
  • $2,372
    $/SQFT
Type:
Single-Family Home
Built:
1931
County:

School Ratings & Info

School District:
Listing Agent(s): Tara Mcnabb of Compass (949-438-4340)


Description

Unique opportunity to own a fully renovated 11 unit oceanfront vacation rental property that feels like a first class boutique hotel. Welcome to 1628 West Oceanfront, with nine highly sought-after short-term rental permits make it easy to experience investment returns with a projected 4.3% cap rate, create a personal residential compound, or live in one unit and rent the rest. Located on the Balboa Peninsula between the Newport and Balboa piers, the property occupies a large 35' corner lot, giving it more visibility and added privacy with only one direct neighbor. Panoramic views encompass golden sands, the Pacific Ocean, dramatic sunsets, Catalina Island and the Orange County coastline. A beach-front entrance leads to a variety of rooms that includes seven studios; two two-bedroom, one-bath designs; and two one-bedroom, one-bath designs. Depending on the room, guests will enjoy a kitchenette or dine-in kitchen, sitting rooms, ocean-view patios, and luxurious freestanding bathtubs. Every room showcases luxury vinyl plank flooring, soothing white and gray color themes, quartz countertops, Shaker cabinetry, recessed lighting, dual-pane windows, and custom tile work. Marina Park, which features a playground, picnic areas, a beach and basketball courts, is only one block away. Fashion Island shopping and dining, the Balboa Fun Zone, Balboa Island, golf, biking paths and more are all just minutes away.

Sold by Tara Mcnabb of Compass.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-24T11:27:43.603. 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 deemed reliable but is not guaranteed accurate by the MLS or Team Forss Realty Group. Licensed in the State of California, USA.
www.teamforss.com/homes/150069354
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1628 W Oceanfront Newport Beach, CA 92663

  • Price: $12,995,000
  • Status: Closed
  • On Site: 53 Days
  • Updated: 127 min ago
  • ID#: OC24086243
13
Beds
11
Baths
0
½ Baths
0.08
Acres
5,123
SQFT
$2,372
$/SQFT
1931
Built
Neighborhood:
Balboa Peninsula (Residential) (Balp)
County:
Orange
Area:
NP - Balboa Peninsula
School District:
Newport Mesa Unified
Property Description
Unique opportunity to own a fully renovated 11 unit oceanfront vacation rental property that feels like a first class boutique hotel. Welcome to 1628 West Oceanfront, with nine highly sought-after short-term rental permits make it easy to experience investment returns with a projected 4.3% cap rate, create a personal residential compound, or live in one unit and rent the rest. Located on the Balboa Peninsula between the Newport and Balboa piers, the property occupies a large 35' corner lot, giving it more visibility and added privacy with only one direct neighbor. Panoramic views encompass golden sands, the Pacific Ocean, dramatic sunsets, Catalina Island and the Orange County coastline. A beach-front entrance leads to a variety of rooms that includes seven studios; two two-bedroom, one-bath designs; and two one-bedroom, one-bath designs. Depending on the room, guests will enjoy a kitchenette or dine-in kitchen, sitting rooms, ocean-view patios, and luxurious freestanding bathtubs. Every room showcases luxury vinyl plank flooring, soothing white and gray color themes, quartz countertops, Shaker cabinetry, recessed lighting, dual-pane windows, and custom tile work. Marina Park, which features a playground, picnic areas, a beach and basketball courts, is only one block away. Fashion Island shopping and dining, the Balboa Fun Zone, Balboa Island, golf, biking paths and more are all just minutes away.
Exterior Features

Attached Garage YN 1 Entry Level 1 Entry Location 1 Lot Features Corner LotLevel Parking Features Assigned Parking Total 4 Pool Features None Pool Private YN No Property Attached YN No Sign On Property YN Yes View CatalinaCoastlineOcean View YN Yes Waterfront Features Beach AccessBeach FrontOcean Front

Interior Features

Common Walls No Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Main Level Bathrooms 5 Main Level Bedrooms 5

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Buyer Financing Cash Common Interest None Community Features Sidewalks Garage YN Yes Land Lease YN No Laundry Features Common Area Lease Considered YN No Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New Loan New Construction YN No Property Sub Type Single Family Residence Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Structure Type House Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-24T11:27:43.603. 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 deemed reliable but is not guaranteed accurate by the MLS or Team Forss Realty Group. Licensed in the State of California, USA.
 
https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_2_372705774-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_2_372705774-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_2_372705774-2.jpg
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Team Forss Realty Group
31213 Temecula Parkway
Temecula CA, 92592
Listing Agent(s): Tara Mcnabb of Compass (949-438-4340)