505 E Balboa Boulevard, Newport Beach, CA 92661

$1,200,000
955
SqFt
List Price
$1,200,000
Price Change
▼ $150,000 1552646819
Status
ACTIVE
MLS#
NP19022516
Year Built
1919
Living Sq. Ft
955
Lot Size
2,614
Acres
0.06
Lot Location
0-1 Unit/Acre
Days on Market
41
Property Type
Multifamily
Stories
Two Level
Neighborhood
Balboa Peninsula (Commercial) (Bpcd)
Days on Market
55

Property Description

Location! Location! Great Investment Opportunity priced to sell on the Balboa Peninsula in Newport Beach, CA. TEAR DOWN priced at Lot Value (LAND PRICE: approx. $500 per/sqft.) Value is in the land not the existing buildings!! 505 E Balboa is 1 of 2 contiguous parcels (TO BE SOLD IN CONJUNCTION WITH 503 E Balboa (NP19024127), zoned for mixed use with great potential upside in the Balboa Village. Each parcel individually can accommodate live/work lofts of approx. 3000sft. Contingent upon coastal commission approval, 505 can be combined with 503 E Balboa into one parcel to accommodate 3 residential condos (approx. 5130 sqft combined) and 1 commercial condo (approx. 1800 sqft.) for maximum return on investment. (Call Listing Agent for details). Across the street at 500 E Balboa is a very comparable development that is going through its final approvals at the city. Once built, the condos will have tremendous unobstructed views of the bay, ocean, city, and mountains. At the present, 505 E Balboa has a small duplex with combined monthly rents of $3450 plus utilities that will help cover any expenses incurred while the potential buyer pushes the project through the City. Located just steps to the beach, the Balboa Pier, the Balboa Ferry, shops, restaurants, and the bay, 503 E Balboa to be sold in conjunction with 505 E Balboa. DO NOT DISTURB Tenants! Buyer to cooperate with seller’s 1031 Exchange. Buyers to confirm square footage & lot potential with the City of NB.

Additional Information

Tract Number
104
Lot Description
Curbs, Sidewalks, Street Lighting, Urban
Pool Description
None
Sewer
Public Sewer
Water
Public
Attached Structure
Detached
Total Number of Units
2

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Alex Batley from Balboa Realty

Based on information from California Regional Multiple Listing Service, Inc. as of . 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.