215 Opal, Newport Beach, California 92662, Newport Beach, 92662 - 3 bed, 4 bath
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Newport Beach, California 92662
This Quintessential Balboa Island Storybook Home is a Strong Value Opportunity, listed at $3,790,000—positioned well below the $4,048,666 Fair Market Value by 6%. This valuation gap offers $258,666 in Instant Equity for buyers. The property maintains a Well-Maintained Condition, featuring a rare Separate Rear Apartment and a 2-Car Garage. Located in the Newport Mesa Unified district, it balances nostalgic coastal charm with significant rental or house-hacking potential. This is an ideal opportunity for Owner-Occupants looking to build wealth or Multi-generational Families seeking a versatile island retreat.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 215 Opal Subject | $3,595,000* List Price | 3 | 4 | 2,226 | $1,703 | - |
A 220 Apolena Avenue Sold | $3,550,000 | 4 | 4 | 2,021 | $1,757 | 0.3 mi |
B 316 Diamond Avenue Sold | $4,225,000 | 3 | 4 | 2,078 | $2,033 | 0.2 mi |
C 121 Onyx Avenue Sold | $3,400,000 | 3 | 3 | 1,975 | $1,722 | 0.3 mi |
D 308 Coral Avenue Sold | $2,884,000 | 3 | 2 | 1,390 | $2,075 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property is exceptionally well-maintained and move-in ready with fresh paint and new carpet; however, it retains most of its original 1980s character. The kitchen and bathrooms feature dated tile countertops, older cabinetry, and white appliances that show their age. While functional and charming, the home lacks the modern luxury finishes and system updates expected at this price point, fitting the criteria for a property built over 40 years ago with no major recent renovations to core areas.
The property includes a separate upper rear apartment with its own entrance, providing excellent versatility for rental income, a private guest suite, or multi-generational living arrangements.
This 'storybook' cottage features unique timeless details such as stained and leaded glass windows, beamed ceilings, and high-volume spaces that offer a charming, nostalgic aesthetic rare in newer constructions.
Equipped with a large 2-car garage and ample additional storage, the home addresses one of Balboa Island's most significant challenges: the extreme scarcity of off-street parking.
The property has a small lot size, more than 70 percent of which is taken by its living area. lot size in square feet = 2550, living area = 2226.
Despite the premium multi-million dollar price point in a coastal community, the property offers no ocean or bay views, which may limit its competitive appeal compared to nearby waterfront listings.
Built in 1980, the home likely requires significant modernization of its core systems and interior finishes to meet the expectations of contemporary luxury buyers seeking turn-key properties.
Major Price Reduction on this Quintessential Balboa Island Storybook Home with Separate Rear Apartment. Charming mid-Island cottage spanning over 2,200 square feet with high ceilings, stained and leaded glass windows, abundant storage, and a warm, inviting vibe. The first level features a large living room with fireplace and beamed ceilings, separate light-filled dining room, spacious kitchen with eating bar, and a private den with brick fireplace and bath. The second level showcases two generous bedrooms, each with bath, and one featuring an awesome elevated loft. The separate upper rear apartment can be entered through the home or via an outside doorway and offers a kitchen/living space, bedroom, and full bath. Additional amenities include fresh paint, new carpet, and a large 2-car garage with ample additional storage. Don’t miss this gracious, gorgeous home with exceptional timeless details and nostalgic appeal.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 4.0 | 4.0 | 50% |
| Square foot | 2,226 | 2,226 | 50% |
| Lot Size | 2,550 | 2,550 | 50% |
| Price | $3.60M | $4.22M | 41% |
| Price per sq ft | $1.6K | $2.3K | 6% |
| Built year | 1980 | 1953 | 71% |
| HOA | $0 | $0 | 50% |
| Days on market | 50 | 208 | 18% |
Apr 8, 2026
$3,595,000
$3,790,000
-5% Price Drop
Initial Listing
Mar 3, 2026
$3,790,000
Initial Listing