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514 W Balboa, Newport Beach, California 92661, Newport Beach, 92661 - bed, bath

514 W Balboa, Newport Beach, California 92661 home-pic-0
ACTIVE$3,195,000$2,364/sqft
514 W Balboa, Newport Beach, California 92661
0Bed
0Bath
2,364Sqft
2,178Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Great Schools: Elementary School: Newport Elementary School (9/10).
Top Cons:
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =2178, other record lot size in square feet = 2109.

Compared to the nearby listings

Price:$3.19M vs avg $3.47M ($-277,500)50%
Size:2,364 sqft vs avg 2,423 sqft50%
Price/sqft:$1.4K vs avg $1.4K50%

More Insights

Built in 1964 (62 years old).
Condition: Built in 1964, this property is 60 years old. The listing describes it as a 'classic' building and explicitly states it 'may necessitate significant capital expenditures for modernization, upgrades, or deferred maintenance.' While currently tenant-occupied, implying it's not unlivable, the age and the need for substantial modernization suggest that major systems, kitchens, and bathrooms are likely very outdated and require significant rehabilitation to meet contemporary standards. The absence of interior images prevents a direct assessment of these critical areas, but the overall context points to a property in need of substantial repairs and upgrades.
Year Built
1964
Close
-
List price
$3.19M
Original List price
$3.19M
Price/Sqft
$1,352
HOA
-
Days on market
-
Sold On
-
MLS number
SR25278723
Home ConditionPoor
Features
Good View: City Lights, Ocean, Peek-A-Boo
ViewCity Lights,Ocean,Peek-A-Boo

About this home

Rare coastal investment property located on West Balboa Boulevard, directly across from the beach and boardwalk in the highly desirable Balboa Peninsula. This classic two-story mixed-use building offers diversified income in one of Southern California’s most sought-after beachfront markets. The upper level features two residential units currently tenant-occupied, providing steady residential income and the flexibility for future owner occupancy or continued rental operations. The ground floor is leased to an established restaurant tenant, delivering consistent commercial cash flow and benefiting from strong foot traffic in this prime coastal corridor. • Prime beachfront location near the Balboa Pier, Fun Zone, shops, and dining • Mixed-use zoning supporting both residential and commercial use • Two income-producing residential units upstairs • Tenant-occupied restaurant space on the ground floor • Potential roof terrace and outdoor space adding lifestyle and value appeal This property presents an exceptional opportunity for investors seeking immediate income from both residential and commercial tenants, while also offering the option for an owner to occupy a residential unit in the future. Positioned in a high-visibility, high-demand coastal market, this asset combines long-term stability with upside potential in a truly premier Newport Beach location.

L
Levon Nargizyan
Listing Agent

Nearby schools

9/10
Newport Elementary School
Public,•PK-6•0.7mi
7/10
Horace Ensign Intermediate School
Public,•7-8•1.1mi
7/10
Newport Harbor High School
Public,•9-12•1.4mi

Price History

Date
Event
Price
02/28/22
Sold
$2,393,000
04/15/15
Sold
$1,165,000
Condition Rating
Poor
Built in 1964, this property is 60 years old. The listing describes it as a 'classic' building and explicitly states it 'may necessitate significant capital expenditures for modernization, upgrades, or deferred maintenance.' While currently tenant-occupied, implying it's not unlivable, the age and the need for substantial modernization suggest that major systems, kitchens, and bathrooms are likely very outdated and require significant rehabilitation to meet contemporary standards. The absence of interior images prevents a direct assessment of these critical areas, but the overall context points to a property in need of substantial repairs and upgrades.
Pros & Cons

Pros

Great Schools: Elementary School: Newport Elementary School (9/10).
Prime Beachfront Location: The property is directly across from the beach and boardwalk in the highly desirable Balboa Peninsula, ensuring high visibility, strong foot traffic, and proximity to key attractions like the Balboa Pier, Fun Zone, shops, and dining.
Diversified Income Streams: This mixed-use building offers stable and varied income from two tenant-occupied residential units on the upper level and an established restaurant tenant on the ground floor.
Mixed-Use Zoning: The property benefits from mixed-use zoning, allowing for flexible residential and commercial operations, which maximizes its potential uses and broadens tenant appeal in a high-demand coastal market.
Established Commercial Tenant: The ground floor is leased to an established restaurant tenant, providing immediate and consistent commercial cash flow with the added benefit of strong foot traffic.
Value-Add Potential: There is potential for a roof terrace and outdoor space, which could significantly enhance the property's lifestyle appeal and offer future value appreciation in this premier Newport Beach location.

Cons

MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =2178, other record lot size in square feet = 2109.
Age of Property: Built in 1964, the property is a 'classic' building, which may necessitate significant capital expenditures for modernization, upgrades, or deferred maintenance to meet contemporary standards and maximize rental income.
High Entry Price Point: The list price of $3.195 million represents a substantial investment, which could impact immediate cash flow, limit the pool of potential buyers, or require a longer return on investment horizon.
Limited Lot Size: With a modest lot size of 2,178 sqft, future expansion or significant redevelopment opportunities may be constrained by space limitations and local zoning regulations, potentially limiting long-term growth.
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