$10,280,000 | N/A beds | N/A full baths | N/A half baths | 4,704 sqft

$10,280,000 Reduced -$1,520,000
1007 Balboa Boulevard
Newport Beach, CA 92661
  • N/ABeds
  • N/AFull Baths
  • N/AHalf Baths
  • 4,704SqFt
  • 1909Year Built
  • 0.08Acres
  • MLS# OC22069325
  • Residential Income
  • Active

  • Approx Time on Market7 months, 21 days
  • AreaNp - Balboa Peninsula
  • CountyOrange
  • SubdivisionOther (OTHR)

Overview

Ask about the assumable note. 10 Profitable rental units! This is a rare investment opportunity, located ocean front on the Balboa Peninsula between the pier and the wedge. You will not find another ocean front investment opportunity on the Peninsula with 10 units at this price. The property comes with short term rental permits, the current waiting list for permits it's 100's deep. The units are furnished, professionally designed, recently remodeled, and fully operating. Stop into a fully operating successful vacation rental, earning income day one. Four of the units feature unobstructed panoramic views of the ocean, Catalina and sunsets. Enjoy all ocean front living on the Peninsula has to offer including the beach, the waves, beautiful sunsets, the pier and park. Ample entertainment options like the Balboa Fun Zone, ferry to Balboa Island, shops and great restaurants are just a short walk away. Your own porch right on the beach, ocean view of the world famous wedge to the Balboa Pier, you can't beat this location. Boogie board, surf, bike, stroll the pier and board walk, play at the ocean front park and grab a coffee at one of the many cafes. There are three driveway parking spots and coin operating inside laundry room for the tenants.


Agriculture / Farm

Irrigation Water Rights:  ,No,

Grazing Permits Forest Service:  ,No,

Grazing Permits Blm:  ,No,

Grazing Permits Private:  ,No,

Horse:  ,No,

Crops Included:  ,No,

Farm Credit Service Incl:  ,No,

Association Fees / Info

Community Features:  StreetLights, Sidewalks, Park

Senior Community:  No

Hoa:  No

Bathroom Info

Building Info

New Construction:  No

Year Built:  1,909

Elevation Units:  Feet

Stories:  2

Building Area Units:  SquareFeet

Basement:  No

Year Built Source:  Assessor

Distance To / Walk Info

Exterior Features

View:  Yes

Pool Features:  None

Pool Private:  No

Financial

Operating Expense:  303000.00

Trash Expense:  200.00

Professional Management Expense:  119000.00

Tenant Pays:  None

Gross Income:  688000.00

Insurance Expense:  5000.00

Rent Controlled:  No

Net Operating Income:  390630.00

Gross Scheduled Income:  688000.00

Garage / Parking

Parking Features:  Driveway

Open Parking:  No

Garage:  No

Attached Garage:  No

Carport:  No

Interior Features

Levels:  Two

Fireplace:  No

Lot Info

Lot Size Area:  3485.00

Lot Size Source:  Assessor

Lot Size Unit:  SquareFeet

Lot Sqft:  3,485

Lot Features:  Item01UnitAcre, Level, NearPark

Acres:  0.08

Misc

Other

Property Info

View:  Ocean

Habitable Residence:  ,No,

Country:  US

County:  Orange

Property Condition:  UpdatedRemodeled, Turnkey

Home Warranty:  ,No,

Common Walls:  NoCommonWalls

Mobile Home Remains:  ,No,

Human Modified:  ,No,

Property Attached:  No

Number of Buildings:  1

Sale / Lease Info

Lease Renewal Option:  ,No,

Lease Considered:  ,No,

Lease Assignable:  ,No,

Land Lease:  ,No,

Special Features

Spa:  No

Special Conditions:  Standard

Tax Info

Tax Lot:  4

Unit Info

Number of Units Total:  10

Utilities / Hvac

Number of Separate Electric Meters:  1

Sewer:  PublicSewer

Number of Separate Water Meters:  1

Number of Separate Gas Meters:  1

Laundry Features:  CommonArea, Inside, LaundryRoom

Cooling:  No

Heating:  No

Water Source:  Public

Electric Expense:  500.00

Water Sewer Expense:  300.00

Electric On Property:  ,No,

Waterfront / Water

Waterfront:  No

Directions

GPS

Courtesy of Keller Williams Realty N. Tustin 

Featured Lender

Dylan Rowley

Epath Digital LP

619-993-1467
dylan@equitywise.com
http://www.equitywise.com

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Price & Status History (on rowleyrealty.com since Mon, Apr 11th 2022)
  • Original Price: $11,800,000
  • Current Price: $10,280,000
  • Price Reduced: $1,520,000
Date ChangedFromTo
10/11/2022$11,800,000 $10,280,000 Reduced by $1,520,000

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MLS IDX data last updated on 12-03-2022 1:13 PM EST.