Location! Location! Location! Great Investment Opportunity priced to sell on the Balboa Peninsula in Newport Beach, CA. TEAR DOWN priced at Lot Value (LAND PRICE: $260 per/sqft.) Value is in the land not the existing buildings!! 503 E Balboa is 1 of 2 contiguous parcels (TO BE SOLD IN CONJUNCTION WITH 505 E Balboa, zoned for mixed use with great potential upside in the Balboa Village. Each parcel individually can accommodate live/work lofts of approx. 3800sft. IF 503 is combined with 505 E Balboa into 1 parcel of roughly 5130 sqft, it could accommodate 3 residential condos (approx. 5000 sqft combined) and 1 commercial condo (approx. 1900 sqft.) for maximum return on investment (Call Listing Agent for more details). Across the street at 500 E Balboa is a very comparable development that is going through its final approvals at the city before construction begins. Once built, the condos will have views of the bay, ocean, city, and mountains. At the present, 503 E Balboa has a small single family home with a monthly rent of $1975 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.
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.