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Keith Nichols

Keith Nichols
Sells Orange County
Huntington Beach, CA

714-417-1363
Contact Me
DRE #01050395

Contact Me





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Listing 11 out of 397
$4,499,000 Active Under Contract

906 E Oceanfront
Newport Beach, CA 92661

3 units | Multi Family Home
3920 sq ft - MLS# PW19029273
Property Photo
1/46

Description

This way to the beach...906 E. Oceanfront is one of the few legal triplexes on the Peninsula and is conveniently located on the boardwalk across from Balboa Peninsula Park and the nearby Balboa Pier. This clean, upgraded and remodeled building includes a great unit mix of two large 3 bedroom/2 bath units and one 2 bedroom/2 bath unit. Two units have direct ocean, beach, sunset, pier and boardwalk views. The lot is an oversized 3,920 sqft (per assessor) that can offer exciting future redevelopment opportunities, buyer to verify options with the city. For the first time in the building’s history, it was effectively run as a licensed short term rental and generated nearly $200,000 in income for the year. The conservative annual pro forma income is $225,000+. Over $50,000 is already booked for the summer 2019 season. Now that this asset is stabilized and income is growing, it’s perfect for the investor looking to simply cash checks and maybe occasionally visit and stay in a premier oceanfront location. The building also features a shared interior courtyard plus a front patio abutting the boardwalk. The alleyway provides access to a huge 3 car garage with laundry area and ample storage space. All units are separately metered for gas and electric. All furniture and household goods are included in the sale.

Features

  • Property Type: Multi Family Home
  • Sub Type: Multi Family Home
  • Listing Status: Active Under Contract
  • Zip Code: 92661
  • Year Built: 1971
  • Subdivision/Neighborhood: Balboa Peninsula (Residential) (Balp)
  • Stories: Two
  • Units: 3 units
  • # of Parking Spaces: 3.00
  • Lot Size: 3920 sq ft
  • View: Catalina,Coastline,Ocean,Panoramic,Park/Greenbelt,Water, Yes
  • Waterfront: Beach Access,Beach Front,Ocean Front
  • Area: NP - Balboa Peninsula
  • Average 2 Bed Area Units: Square Feet
  • Average 3 Bed Area Units: Square Feet
  • Average Studio Area Units: Square Feet
  • Building Area Total: 3255.00
  • Building Area Units: Square Feet
  • Cable Tv Expense: 4176.00
  • Common Walls: 2+ Common Walls
  • Community Features: Sidewalks
  • Country: US
  • Directions: A street /Oceanfront
  • Electric Expense: 2400.00
  • Fuel Expense: 1500.00
  • Garage Spaces: 3.00
  • Gross Income: 192357.00
  • Gross Scheduled Income: 192357.00
  • Insurance Expense: 1734.00
  • Laundry Features: In Garage
  • Laundry YN: Yes
  • Listing Agent License: 01804983
  • Listing Office License: 00616212
  • Lot Features: No Landscaping
  • Lot Size Area: 3920.0000
  • Lot Size Source: Assessor
  • Lot Size Units: Square Feet
  • MLS: CRM
  • Maintenance Expense: 11334.00
  • Maintenance Percent: 9.50
  • Net Operating Income: 102403.00
  • New Taxes Expense: 47277.00
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 3
  • Number Of Separate Gas Meters: 3
  • Number Of Separate Water Meters: 1
  • Operating Expense: 89954.00
  • Parking Features: Garage
  • Parking YN: Yes
  • Property Attached YN: Yes
  • Property Condition: Updated/Remodeled
  • Sewer: Public Sewer
  • Stories Total: 2
  • Total Expenses: 89954.00
  • Water Sewer Expense: 554.00
  • Water Source: Public
  • Year Built Source: Assessor
Courtesy of Coldwell Banker Res. Brokerage, Christian Walsh

Keith Nichols | 714-417-1363 | Contact Me
Huntington Beach, CA 92646
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