1589 E Ocean, Newport Beach, California 92661, Newport Beach, 92661 - 4 bed, 5 bath
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Newport Beach, California 92661
This Shovel-Ready Coastal Development is listed at $4,150,000, reflecting a strategic price point aligned with the $4,064,966 Fair Market Value. The primary value resides in the approved architectural plans for a 3,049-square-foot residence, allowing the owner to bypass years of permitting and entitlement. With a Condition Rating of 6, the site is prepared for a three-story masterpiece featuring an elevator, rooftop deck, and ocean views. Located steps from the sand near Newport Elementary (9/10), this is an elite opportunity for Luxury Developers or Custom Home Builders.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1589 E Ocean Subject | $4,150,000* List Price | 4 | 5 | 3,049 | $1,333 | - |
A 2120 Miramar Active | $3,350,000 List Price | 5 | 3 | 2,444 | $1,371 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is land value only, full reconstruction required.
The property is marketed as a shovel-ready development site with approved architectural plans for a new residence. The existing structure, built in 1968, is over 50 years old and appears dated in photos; the listing's value is derived from the land and the entitlement process rather than the current improvements, which are intended for demolition.
Elementary School: Newport Elementary School (9/10).
The property includes fully approved architectural plans and permits, allowing a buyer to bypass years of design, entitlement, and city permitting to begin construction immediately.
Situated on the coveted Balboa Peninsula just steps from the sand, the location offers ocean views and is surrounded by high-value, newly constructed luxury residences.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 3049, other record living area = 1664. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 4, other record bedroom count = 3.
The property has a small lot size, more than 70 percent of which is taken by its living area. lot size in square feet = 2450, living area = 3049.
The property was recently sold within the past year on 2025-10-14. The sold price is $3,200,000.00.
A rare, shovel-ready opportunity on the coveted Newport Beach Peninsula. This property is being offered with approved, full architectural plans for a custom coastal residence—allowing the next owner to bypass years of design, entitlement, and permitting and move straight into construction. Situated on a 36×70 lot just steps from the sand, this property is positioned in one of the Peninsula’s most desirable enclaves, surrounded by newly built luxury homes and timeless beach architecture. The included plans envision a refined, modern coastal home with thoughtful indoor-outdoor living, generous natural light, and an elevated design language tailored to the neighborhood’s premium aesthetic. With utilities, surveys, and planning work complete, this is a true turn-key development opportunity: build immediately, customize finishes to your taste, and deliver a brand-new residence in a market where new construction consistently commands top-tier values. The plans call for a prestigious, three story, custom coastal masterpiece with a roof-top deck, an elevator, 4 bedrooms, an office/den and 4 bathrooms with a direct access garage and high-end finishes. You can work with the designers to choose your colors, finishes, flooring, paint and more. Whether you’re an end-user seeking a streamlined path to your dream beach home or an investor looking for a high-demand coastal build, 1589 E Ocean Blvd offers unmatched efficiency, location, and long-term value.
No exterior & parking available.
Grades PK-6 • 1.8 mi
Grades 7-8 • 2.1 mi
Grades 9-12 • 2.3 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 3.5 | 50% |
| Baths | 5.0 | 4.0 | 75% |
| Square foot | 3,049 | 2,561.5 | 79% |
| Lot Size | 2,450 | 2,614 | 46% |
| Price | $4.15M | $4.58M | 42% |
| Price per sq ft | $1.4K | $2.5K | 4% |
| Built year | 1968 | 1959 | 54% |
| HOA | $0 | $0 | 50% |
| Days on market | 20 | 211 | 4% |
Apr 2, 2026
$4,150,000
Initial Listing
Oct 14, 2025
$3,200,000
Public Record