518 Fullerton, Newport Beach, California 92663, Newport Beach, 92663 - 1 bed, 1 bath
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518 Fullerton
Newport Beach, California 92663
ACTIVE UNDER CONTRACT
CONDITION: TEAR DOWN
1Beds
1Baths
968Sq Ft
6,375Lot Size
Property Price
LIST PRICE$2,999,000
EST. MARKET VALUE
$2,346,202
27% AboveMARKET VALUE
SUMMARY
This property presents a High-Potential Investment Opportunity with a List Price of $2,999,000—positioned well above the $2,786,113 Fair Market Value by 7%. While the current structure is limited, the 6,375 sqft lot in Newport Heights offers significant development potential for a custom estate. Featuring a Cold War-era bomb shelter and proximity to top-rated schools like Newport Harbor High, this Fair Condition Rating asset is a blank canvas. It is an ideal acquisition for Luxury Developers or Custom Home Builders seeking a prime site.
Estimated Market Value
$2,346,202
Based on Realkey algorithm analyzing recent comparable sales in Newport Beach.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 518 Fullerton Subject 1 bd · 1 ba · 968 sqft · $2,424 | $2,999,000* List Price | 1 | 1 | 968 | $2,424 | - |
A 421 Catalina Sold 2 bd · 1 ba · 960 sqft · $2,266 · 0.5 mi | $2,175,000 | 2 | 1 | 960 | $2,266 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Tear down
TeardownExcellent
Property is land value only, full reconstruction required.
Built in 1950, this property is over 75 years old with no recorded renovations. The exterior shows significant weathering, peeling paint, and deferred maintenance. The listing description explicitly markets the property for its land value, suggesting a complete rebuild or custom estate reimagining.
PROSSTRENGTHS & OPPORTUNITIES
- Prime Development Potential
Located in the prestigious Newport Heights, this 6,375 sqft lot serves as an exceptional canvas for a custom luxury estate or a modern architectural reimagining.
- Unique Historical Features
The property offers rare and intriguing mid-century modern elements, including a Cold War-era bomb shelter and a large greenhouse, providing a distinct niche appeal.
- Top-Tier School Proximity
Situated within walking distance to highly-rated institutions like Newport Harbor High and Horace Ensign Intermediate, ensuring strong long-term value and family appeal.
CONSRISKS & DEFICIENCIES
- Limited Existing Living Space
With only 1 bedroom and 968 square feet of living area, the current structure is significantly undersized for the price point, necessitating a major renovation or rebuild.
- High Price per Square Foot
Priced at nearly $3 million primarily for land value, the property presents a high entry cost for buyers who must still budget for significant construction or modernization.
About 518 Fullerton
Exceptional and unique opportunity to own a mid century modern home in the heart of Newport Heights with a Cold War Era bomb shelter underneath the property and large green house on the reverse of the property. While the current residence possesses a unique offering, the property’s exceptional location presents a compelling canvas for transformation. For those with a vision for the future, there exists a discreet opportunity to reimagine the site—whether through an intentional, modern architectural reimagining or a fresh custom estate tailored to your standards.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1950
- Lot Size
- 6,375 Sq. Ft.
Interior
- Total Bedrooms
- 1
- Total Bathrooms
- 1 (1 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Newport Beach Unified Schools
Newport Heights Elementary School
Grades K-6 • 1.0 mi
8/10
Horace Ensign Intermediate School
Grades 7-8 • 0.3 mi
7/10
Newport Harbor High School
Grades 9-12 • 0.2 mi
7/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 1.0 | 4.0 |
| Baths | 1.0 | 3.5 |
| Square foot | 968 | 2,652.074 |
| Lot Size | 6,375 | 6,056.485 |
| Price | $3.00M | $4.19M |
| Price per sq ft | $3.1K | $1.6K |
| Built year | 1950 | 1972 |
| HOA | $0 | $463 |
| Days on market | 35 | 70 |
Pricing History
Listed for Sale
Sep 20, 2026
$2,999,000
Initial Listing