506 East Oceanfront

Newport Beach, CA 92661

$4,995,000
Price
7
Beds
5
Baths
3,044 Sq. Ft.
$1,641 / Sq. Ft.
3,044
Sq. Ft.
$1,641
per Sq. Ft.

Description

$500,000 Price Reduction! Bring All Reasonable Offers for this Once in a lifetime opportunity! This asset is a once in a lifetime opportunity! Options to utilize it for your primary residence, 50% as your primary residence (since it's a legal duplex), and/or keep it fully in the rental pool generating income while having it accessible to use personally when vacant. Included in the sale, TWO highly coveted, transferable, active Short-Term-Lodging permits approved with the city. Buyer to verify all...$500,000 Price Reduction! Bring All Reasonable Offers for this Once in a lifetime opportunity! This asset is a once in a lifetime opportunity! Options to utilize it for your primary residence, 50% as your primary residence (since it's a legal duplex), and/or keep it fully in the rental pool generating income while having it accessible to use personally when vacant. Included in the sale, TWO highly coveted, transferable, active Short-Term-Lodging permits approved with the city. Buyer to verify all details for their intents and purposes.   Located in the heart of the Balboa Peninsula on the Newport Beach Sand! Occupants can enjoy the immediate social life of the Bike Path & Volleyball Courts or a short stroll to the Surf Shops, Restaurants, Markets, and The Pier. Short term permits allow for approximate 16 occupants (buyer to verify) between the 2 units (Unit A, approximately 1333 sq ft.), a Three Bedroom Two Bath unit, and Unit B (approximately 1676 sq. ft), is a 4 bedroom 2 1/2 Bath. Special Note: Across the bike path from this asset, your resident's and their guest can enjoy access to a giant city parking facility. This asset has it ALL. Parking, Duplex, High Occupancy Potential, Income, Sand Location, Bike Path and immediate ocean/sand access. This is an heirloom asset that should not be overlooked! Other options to consider, park money here for your 1031 exchange? or lease it out to long term tenants? Opportunities are endless!
  1. Listed by David Holstein • DRE #01210777 • Brokerage DRE #01210777 • The Holstein Group • 310-345-9994

Property Details for 506 East Oceanfront

View
Ocean, Pier, Water, White Water
Parking Spaces Total
3
Private Pool
No
Total Units
2.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
3044
Assessor Parcel Number
048-122-10
LISTING UPDATED: 09/25/2024 09:36 AM

Property Details for 506 East Oceanfront

StatusPending
MLS #SB24045420
Days on Market204
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1973
Lot Size0.06 AC / 2,614 SF
CountyOrange County

Building Information for 506 East Oceanfront

Stories2Residences-Year Built1973Building Size-Lot Size0.06 AC / 2,614 SF

Property Information for 506 East Oceanfront

Income / Expense / Tax Details
Income Details
  • Gross Income: $61,000
  • Gross Scheduled Income: $200,000
  • Net Operating Income: $93,200
Expense Details
  • Operating Expense: $106,800
  • New Taxes Expense: $75,000
  • Fuel Expense: $0
  • Electric Expense: $3,500
  • Insurance Expense: $4,500
  • Maintenance Expense: $10,000
  • Professional Management Expense: $10,000
  • Trash Expense: $0
  • Water Sewer Expense: $3,800
  • Total Expenses: $106,800
Tax / Assessment Info
  • Tax Block: 6
  • Tax Tract Number: 104
  • Tax Census Tract: 628.00
  • CFD/Mello-Roos Fee: $537
  • Tax Lot: 12
Community / Development
Community / Development
  • Community Features: Biking, Fishing, Hiking, Watersports, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Dryer Included, Washer Included
Exterior Features
  • Entry Location: side
  • View Description: Ocean, Pier, Water, White Water
  • Waterfront Features: Beach Access, Beach Front, Ocean Access, Ocean Front
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: 0-1 Unit/Acre
  • Number Of Units: 2
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 2
  • Uncovered Spaces: 1
  • Open Other Spaces Total: 1
  • Parking Garage Spaces: 2
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Balboa Peninsula (BALP)
  • Builders Tract Code: Balboa Peninsula (Residential) (BALP)
Unit Information
Unit 1
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Furnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: Yes
  • Unit Type Actual Rent: $8,333
  • Unit Type Total Rent: $8,333
  • Unit Type Pro Forma: 15000
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 4
  • Unit Type Baths Total: 3
  • Unit Type Furnished: Furnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: Yes
  • Unit Type Actual Rent: $8,333
  • Unit Type Total Rent: $8,333
  • Unit Type Pro Forma: 15000
  • Unit Type Type: 2
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 2
  • Number Of Separate Gas Meters: 2
  • Number Of Separate Water Meters: 1

Property History for 506 East Oceanfront

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 506 East Oceanfront

Taxable ValueLand$707,828Additions$230,465Total$938,293
Tax Record2024$10,429 ($869 / month)
Home Facts
Total Finished SqFt3,044 SqFtAbove Grade Finished SqFt3,044 SqFtStories2Lot Size2,565 SqFtStyleDuplexYear Built1973CountyORANGEAPN048-122-10

Schools near 506 East Oceanfront

This home is within Newport-Mesa Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 7 to 8
Public - 9 to 12
Public - K to 12
Rating
School
Distance
Newport Elementary School
PublicK to 6

Horace Ensign Intermediate School
Public7 to 8

Newport Harbor High School
Public9 to 12

Monte Vista High School
PublicK to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity. Subject to change at any time. Compass makes no guarantee, warranty or representation regarding the accuracy of any waterfront feature, water view or waterfront view.

Listing Courtesy of The Holstein Group, David Holstein, DRE #01210777

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.