Extraordinary opportunity to own a premier beachfront parcel in Balboa Peninsula with three transferable short term lodging permits. Capturing the symphonic pounding of surf, this pristine two-story beach-front compound is comprised of three spacious units and is constructed with features such as beamed ceilings, recessed lighting, brick fireplaces, and wood flooring. The front-facing units A and B offer views of the idyllic beaches of Newport from the balcony/deck, while the back unit offers privacy and serenity just moments from the sand. With an option to vacation or live in one unit and rent out the others, 1514 W Oceanfront is ideal as an exceptional compound for significant income opportunity or a seaside retreat for family and friends. Having achieved a net operating income of approximately $254,174 in 2020 amidst COVID-19 city restrictions, and adjusting for new property taxes for 2021, the triplex proves tremendous value and anticipates a net operating income of approximately $240,000 with a cap rate of approximately 4%.
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17 hours ago
Listing updated with changes from the MLS
2 weeks ago
Listing first seen online
Property Sub Type
Cable AvailableElectricity AvailableNatural Gas Available
Beach AccessBeach FrontOcean AccessOcean FrontOcean Side of FreewayOcean Side Of Highway 1
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NP - Balboa Peninsula
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Listing Courtesy of Tim Smith 01346878 with Coldwell Banker Realty 00616212
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