118 Emerald, Newport Beach, California 92662, Newport Beach, 92662 - 5 bed, 3 bath
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Newport Beach, California 92662
This Prime Balboa Island Duplex represents a strategic Residential Income Asset listed at $3,799,000, reflecting a scarcity premium over its $3,313,085 Fair Market Value. Currently maintaining a Condition Rating of 4, the 1940s original cottage includes two active short-term rental permits and a spacious front patio, ensuring immediate cash flow and operational flexibility. Situated in the prestigious Newport Mesa Unified district, the property offers immense development upside on the island's highly coveted "Quiet End." This is a premier acquisition for Developers or Buy-and-Hold Investors looking to secure a high-value coastal footprint.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 118 Emerald Subject | $3,499,000* List Price | 5 | 3 | 1,893 | $1,649 | - |
A 212 Opal Sold | $3,250,000 | 3 | 3 | 1,950 | $1,667 | 0.2 mi |
B 137 Topaz Sold | $3,835,000 | 5 | 4 | 2,545 | $1,507 | 0.2 mi |
C 120 Coral Avenue Sold | $3,615,000 | 4 | 4 | 2,182 | $1,657 | 0.4 mi |
D 216 Amethyst Pending | $3,496,000 List Price | 5 | 5 | 2,363 | $1,479 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1940, this property is a well-maintained original cottage that has received cosmetic refreshes (paint and flooring) but remains dated in its core systems and finishes. The kitchens feature older cabinetry and laminate countertops, while the climate control relies on dated wall heaters and window AC units rather than modern central HVAC. While functional and move-in ready for short-term rentals, the age of the infrastructure and lack of modern luxury updates place it in the fair category.
Situated on the coveted 'Quiet End' of Balboa Island and less than one block from the harbor, this property occupies an A+ location in one of Newport Beach's most desirable and tightly held neighborhoods.
Configured as a duplex with two active short-term rental permits, the property offers immediate cash flow potential and exceptional flexibility for investors or owner-users looking to offset expenses.
As one of the last remaining original cottages on the 100 block of Emerald, the property presents a rare opportunity to design and build a custom luxury residence in a high-value area.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =2614, other record lot size in square feet = 2550. Living area discrepancy between mls listing and other public or private record. mls listing living area = 1893, other record living area = 1207. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 5, other record bedroom count = 2.
Built in 1940, the original beach cottage structure may require substantial modernization, repairs, or a complete rebuild to meet the expectations of contemporary luxury buyers.
Despite its proximity to the water and premium price point, the property does not offer harbor or ocean views, which may impact its competitive positioning against bayfront alternatives.
Situated on the highly sought-after “Quiet End” of Balboa Island, 118 Emerald Avenue represents a truly rare opportunity to own in one of the island’s most desirable and tightly held locations—less than one block from the harbor and south bayfront. This is one the last remaining original beach cottage on the 100 Block of Emerald, offering a unique blend of classic coastal charm, immediate usability, and long-term upside potential. Properties of this caliber and positioning seldom come to market. Currently configured as a duplex with two active short-term rental permits, the property provides exceptional flexibility for both personal enjoyment and income generation. The front unit is a charming single-story 2-bedroom, 1-bath coastal cottage, featuring a spacious front patio framed by a white picket fence—ideal for relaxing, entertaining, and enjoying the quintessential Balboa Island lifestyle. The rear unit offers a 3-bedroom, 2-bath split-level layout, complemented by a private 2-car garage, vaulted spatial flow, and functional separation for guests, tenants, or extended family. Both units are move-in ready, allowing for immediate occupancy or rental income. Alternatively, this property presents a compelling opportunity to design and build a custom luxury residence in an A+ location with enduring value.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 5.0 | 5.0 |
| Baths | 3.0 | 4.0 |
| Square foot | 1,893 | 2,174.5 |
| Lot Size | 2,614 | 2,614 |
| Price | $3.50M | $3.35M |
| Price per sq ft | $1.8K | $1.7K |
| Built year | 1940 | 1964 |
| HOA | $0 | $0 |
| Days on market | 90 | 125 |
Jun 19, 2026
$3,499,000
$3,649,000
-4% Price Drop
Initial Listing
Jun 4, 2026
$3,649,000
$3,799,000
-4% Price Drop
Initial Listing
Apr 23, 2026
$3,799,000
Initial Listing