
Newport Beach, California 92661
This Completely Rebuilt Coastal Bungalow is a Strong Value Opportunity, listed at $2,350,000—positioned well below the $2,403,409 Fair Market Value by 2%. This valuation provides $53,409 in Instant Equity for a property boasting a Luxury Condition Rating following its 2021 reconstruction. Featuring white oak flooring, a designer kitchen with waterfall edges, and proximity to the 9/10 rated Newport Elementary School, the home represents the lowest-priced detached residence on the Peninsula. It is an ideal acquisition for lifestyle-oriented buyers or second-home investors seeking a turnkey sanctuary.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 122 E Bay Avenue Subject | $2,350,000* List Price | 2 | 1 | 928 | $2,578 | - |
A 306 Alvarado Active | $2,845,000 List Price | 3 | 2 | 1,033 | $2,754 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
The property was completely rebuilt in 2021, placing it well within the 5-year window for extensive renovation. It features high-end modern finishes including white oak flooring, a designer kitchen with a waterfall-edge island and premium stainless appliances, custom cabinetry, and curated lighting. All systems and components are virtually new, reflecting current quality standards with no deferred maintenance.
Elementary School: Newport Elementary School (9/10).
The property was entirely reconstructed in 2021, offering the peace of mind of modern infrastructure paired with high-end finishes like white oak flooring and custom cabinetry.
Situated in the heart of the Balboa Peninsula, the home provides immediate access to world-class surfing, swimming beaches, and bayfront activities, epitomizing the coastal lifestyle.
With only 928 square feet of living space and a single bathroom, the home's small footprint may be a constraint for families or those requiring more interior volume.
The 1,860-square-foot lot offers very limited outdoor space and restricts the potential for future expansions or significant landscaping projects.
If you’ve been dreaming of the perfect beach bungalow escape, your search may be over. This charming 2-bedroom, 1-bath detached single-family home delivers the effortless lifestyle the Balboa Peninsula is known for. Completely rebuilt in 2021, this single-level coastal jewel at 122 E. Bay Ave. welcomes you with an easy, relaxed charm—from the terrazzo entry steps to the Dutch door that sets the tone for the home’s inviting beachside character. Inside, the interiors reflect the soft, natural palette of the coastline: crisp whites, sun-washed tones, beautiful white oak flooring, and thoughtfully curated lighting and cabinetry that create a breezy, sophisticated retreat. Every detail has been designed to maximize both comfort and style. Custom built-ins provide clever storage while doubling as relaxed seating. A handsome mantel crowns the recycled terrazzo fireplace surround, creating a cozy focal point that flows seamlessly into the open kitchen. The kitchen itself feels perfectly suited for casual coastal living, featuring premium stainless appliances, quality fixtures, and a striking island with waterfall edges, seating, hidden electrical, and subtle backlighting. The front patio, the outdoor shower and private rear yard are ideal after gathering with friends at the beach. Step outside and you’re immersed in the friendly rhythm of Peninsula life. Surfing, skimboarding, swimming beaches, and bayfront activities are all moments away, making it easy to embrace the carefree lifestyle that defines this iconic coastal community. With its relaxed design, thoughtful craftsmanship, and unbeatable value as the lowest-priced single-family home on the Peninsula by a wide margin, this beach bungalow lives far larger than its footprint suggests. Chic. Effortless. A place to slow down, breathe in the ocean air, and create memories for generations. This is more than a home—it’s your personal coastal sanctuary.
No exterior & parking available.
Grades PK-6 • 0.8 mi
Grades 7-8 • 1.2 mi
Grades 9-12 • 1.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.0 | 29% |
| Baths | 1.0 | 4.0 | 17% |
| Square foot | 928 | 2,436.5 | 8% |
| Lot Size | 1,860 | 2,614 | 4% |
| Price | $2.35M | $4.58M | 13% |
| Price per sq ft | $2.5K | $2.5K | 50% |
| Built year | 1925 | 1954 | 13% |
| HOA | $0 | $0 | 50% |
| Days on market | 38 | 211 | 4% |
Mar 15, 2026
$2,350,000
Initial Listing
Nov 15, 2021
$2,000,000
Public Record
Mar 5, 2021
$1,183,000
Public Record
Mar 5, 2021
$1,250,000
Public Record