3510 Lake, Newport Beach, California 92663, Newport Beach, 92663 - 0 bed, 0 bath
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Newport Beach, California 92663
This Legal Duplex presents a Strong Value Opportunity with a List Price of $3,200,000—positioned well below the $3,500,000 Fair Market Value by 8%. This valuation gap offers $300,000 in Instant Equity. Featuring a Poor Condition Rating due to original 1980s finishes, the property offers significant upside for modernization. With a large balcony and 4-car parking capacity, it is an ideal asset for Buy-and-Hold Investors or Owner-Occupants seeking a prime Newport Beach Peninsula location near top-rated schools.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3510 Lake Subject | $3,200,000* List Price | 0 | 0 | 2,143 | $1,633 | - |
A 213 33rd Street Sold | $2,616,000 | 4 | 2 | 1,354 | $1,932 | 0.1 mi |
B 213 33rd Street Sold | $2,616,000 | 0 | 0 | 1,354 | $1,932 | 0.1 mi |
C 3206 W Balboa Boulevard Active | $2,995,000 List Price | 0 | 0 | 2,340 | $1,280 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
The property was rebuilt in 1988, making it 38 years old. The kitchen remains in its original 1980s state with dated oak cabinetry, tile countertops, and older appliances. Based on the criteria for properties over 30 years old requiring a full rehab to meet modern standards, it is rated as poor.
Elementary School: Newport Elementary School (9/10).
Situated on the Newport Beach Peninsula, the property is within walking distance to the beach, Lido Marina Village, and Pavilions shopping center, ensuring high desirability and strong appreciation potential.
This legal duplex configuration allows for multiple exit strategies, including a primary residence with a rental offset, a multi-generational family compound, or a pure high-yield investment in a premier rental market.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 2143, other record living area = 1354.
The 2,239 square foot lot is relatively small, which limits private outdoor yard space and may restrict future expansion or significant redevelopment opportunities.
A recent $300,000 price reduction shortly after listing suggests the initial pricing may have exceeded current market sentiment, potentially impacting buyer perception of value during negotiations.
Property is located in Newport Beach Peninsula, highly desirable area, few minutes walking distance to the beach. Main house is 2 large bedrooms, 2 full bathrooms and a den that is currently being used as a 3rd bedroom, welcoming living room/dining area and open kitchen with laundry unit inside and large balcony upstairs. Upper unit has its own private stair entrance, 1 large bedroom, full bathroom, living room/dining area, kitchen with laundry area and private balcony. Additional features is main home has 2 car attached garage, upper unit has 2 car parking area. Perfect property for investment and/or personal use home. Walking distance to Pavilions shopping center and minutes from Lido Marina Village, shops and restaurants . Definitely a must see and great opportunity, first time on market. Home was rebuilt in 1988 as a duplex and has been used as a family home.
No exterior & parking available.
Grades K-6 • 1.0 mi
Grades PK-6 • 1.1 mi
Grades 7-8 • 1.0 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 5.0 |
| Baths | 0.0 | 4.0 |
| Square foot | 2,143 | 2,174.5 |
| Lot Size | 2,239 | 2,614 |
| Price | $3.20M | $3.35M |
| Price per sq ft | $1.5K | $1.7K |
| Built year | 1988 | 1964 |
| HOA | $0 | $0 |
| Days on market | 14 | 125 |
Jul 12, 2026
$3,200,000
$3,500,000
-9% Price Drop
Initial Listing
Jul 8, 2026
$3,500,000
Initial Listing