Status: Under Contract - Under Contract
Property Type:Single Family Residence
On Site:33 Days
Lot Size:2,589 Sq. Ft.
Just a block from the beach and the bay, this generously proportioned, turn-key duplex presents a wonderful investment opportunity in one of the very best locations on Balboa Peninsula. Upstairs a fabulous four bedroom owners' unit offers expansive light, bright living space. The vaulted ceiling great room with fireplace adjoins a sunny kitchen with breakfast bar and dining nook. The large sunny terrace offers pleasing views of the tree-lined street and fun-filled beach locale. Four commodious bedrooms, two remodeled baths and private laundry complete the upper unit. The lower level three bedroom, two bath unit has been freshly painted and carpeted and is ready to roll! The living room has its own fireplace and sliding doors that open to a private front patio. A large two car garage completes this wonderful income opportunity that is uniquely well-suited for an owner/resident to live steps from the sand and benefit from income below. Don't let this one pass you by!
$000 Monthly Payment
Loan and interest only. Taxes and insurance not included.
Address:517 W Bay Ave Newport Beach, CA 92661
Area:NP - Balboa Peninsula
Subdivision:Balboa Peninsula (Residential) (Balp)
Number of Buildings: 1
Total Units: 2
Unit 1: 1 Unit•3 Beds•2 Baths•Unfurnished•$4,500 pro forma
Unit 2: 1 Unit•4 Beds•2 Baths•Unfurnished•$4,400 actual rent•$52,800 total rent•$5,750 pro forma
Garage Spaces: 2.0
Parking Features: Direct Access, Garage
Parking Total: 2.0
Features / Amenities
Interior Features: Balcony
Fireplace Features: Gas Starter, Living Room
Flooring: Carpet, Tile, Wood
Entry Location: Ground Level
Common Walls: 1 Common Wall
Heating: Forced Air, Natural Gas
Lot Size: 0.06 Acres / 2,589 Sq. Ft.
Lot Features: Level
View: City Lights, Neighborhood
Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Sewer: Public Sewer
Road Frontage: City Street
Directions:Balboa Boulevard to Island. Island to West Bay Ave. Left here to 517.
Tax and Financial Info
Contingency: Buyer to Cooperate in Sellers' 1031 Exchange at No Expense to Buyer. Replacement Property Has Not Been Identified. Upper Unit Lease Runs Through July 2021.
Terms: Cash, CashtoNewLoan, Conventional, Item1031Exchange
Land Lease: No
WALKING AND TRANSPORTATION
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Listing provided courtesy of Tara Foster Shapiro, Pacific Sotheby's Int'l Realty.
Based on information from California Regional Multiple Listing Service, Inc. as of May 14, 2021. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. IDX provided by Sierra Interactive.