1603 E Balboa Blvd, Newport Beach, CA 92661

Property Description

Offering bay views from its outstanding location just one block from the water in Newport Beach’s prestigious Peninsula Point neighborhood, this completely remodeled four-plex presents an excellent rental history and an annual gross income of more than $116,000. Eligible for a short-term rental permit, the classic shingle-style Cape Cod building includes a trio of one-bedroom, one-bath designs; a two-bedroom, one-bath unit; and an extra studio or storage room with bathroom. Remodeled in 2012 and showcasing a freshly painted exterior, the property is home to excellent tenants and includes a 35'-wide site with a paver-finished front patio, large side yard, vinyl fencing, a white picket fence in the front yard, a rear-facing two-car garage with adjoining parking space, and a large upstairs sun deck. Noteworthy upgrades include wood-look plank flooring, designer paint, crown molding, ceiling fans, newer windows and doors, mirrored wardrobe doors, fully appointed dine-in kitchens and granite countertops. Act quickly to acquire a very rare legal non-conforming four-plex in highly sought-after Peninsula Point, a playground that is anchored by the world-famous Wedge surf spot and renowned for its mega-million-dollar ocean- and bay-front residences. Shops and restaurants are minutes away, and Balboa Island, Newport Coast, Corona del Mar and Laguna Beach are all nearby.