205 42nd Street, Newport Beach, California 92663, Newport Beach, 92663 - 4 bed, 2 bath
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Newport Beach, California 92663
This Turnkey Coastal Duplex is listed at $3,150,000, positioned above the $2,823,910 Fair Market Value due to its rare, high-income entitlements. Boasting an Excellent Condition Rating following a comprehensive 2024 renovation, the asset features two Transferable Short-Term Rental Permits and a coveted 4-car garage. Located steps from the sand within the Newport Mesa Unified district near 9/10 rated Newport Elementary, the property delivers immediate cash-flow potential and a premium lifestyle. This is a sophisticated acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a high-yield coastal "house hack."
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 205 42nd Street Subject | $3,150,000* List Price | 4 | 2 | 1,552 | $1,820 | - |
A 130 43rd Sold | $2,800,000 | 4 | 3 | 1,624 | $1,724 | 0.0 mi |
B 203 Cedar Street A & B Active | $2,799,000 List Price | 4 | 3 | 1,804 | $1,552 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
Despite being built in 1947, the property has undergone extensive renovations in 2024, including new paint, roof, windows, all new appliances (including a tankless water heater), and recently updated kitchens and baths. The images confirm a modern, virtually new interior with contemporary finishes, stainless steel appliances, and updated fixtures throughout both units. All components appear new or in excellent condition, meeting current quality standards with no visible deferred maintenance, aligning perfectly with the 'Excellent' criteria for a recently and extensively renovated property.
Elementary School: Newport Elementary School (9/10).
Located in the highly desirable Balboa Peninsula, steps from the sandy beach and Channel Park, this duplex is situated in one of Newport Beach’s strongest rental corridors, offering exceptional investment potential.
The property includes two valuable and transferable Short Term Rental Permits, providing a significant advantage for immediate and legal income generation in a highly sought-after vacation destination.
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 = 2430.
Despite extensive recent renovations, the property's original build year of 1947 means the underlying structure is older, which could potentially lead to unforeseen maintenance issues or higher insurance costs over time.
With a lot size of 2614 sqft, the property offers relatively limited private outdoor living space beyond the lower unit's patio, which may not appeal to buyers seeking larger yards or expansive outdoor areas.
Incredible investment opportunity in the heart of Newport Beach. This turnkey duplex includes two Short Term Rental Permits that are transferable to the new owner! The property consists of two separate units and an oversized 4-car garage, assuring you will never be without parking at the beach. Located on the Balboa Peninsula, this duplex is just steps to the sandy beach or a short walk to Channel Park on the bay. Each unit offers 2 bedrooms and 1 bathroom with recently updated kitchens and baths. The upper unit, situated above the garage, enjoys ocean breezes, while the lower unit features a private patio with a fire pit, enhancing guest appeal and rental performance. Both units are fully furnished and equipped with modern conveniences including Smart TVs, on-site washer and dryer, towels, linens and beach gear, allowing for immediate, turnkey operation. The property has an established history as a professionally managed vacation rental with consistent income, making it a strong, proven performer. All finishes, furnishings, and household items are in excellent condition. All appliances new as of 2024 including tankless water heater. Recent improvements including new paint, roof, windows, and additional upgrades minimizing near-term capital expenditures. This is a low-maintenance coastal asset located in one of Newport Beach’s strongest rental corridors.
No exterior & parking available.
Grades K-6 • 1.3 mi
Grades PK-6 • 1.4 mi
Grades 7-8 • 1.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 4.0 | 50% |
| Baths | 2.0 | 3.0 | 47% |
| Square foot | 1,552 | 2,461 | 12% |
| Lot Size | 2,614 | 2,701 | 47% |
| Price | $3.15M | $3.30M | 41% |
| Price per sq ft | $2.0K | $1.7K | 59% |
| Built year | 1947 | 1956 | 18% |
| HOA | $0 | $0 | 50% |
| Days on market | 75 | 178 | 12% |
Feb 6, 2026
$3,150,000
Initial Listing
Oct 26, 2020
$1,670,000
Public Record