1701-1703 W Balboa Blvd - Apartments FOR SALE


Newport Beach, CA 92663- Central Newport Beach
$6,100,000 USD
951-756-0448
1701-1703 W Balboa Blvd, Newport Beach, CA for Sale
$6,100,000 USD
Apartments - FOR SALE
1/10
null | 3.23% Cap Rate

1701-1703 W Balboa Blvd
Newport Beach, CA 92663
Central Newport Beach


HIGHLIGHTS

  • Trophy asset located on a triple lot (±7,688 SF) on the corner of Balboa Boulevard and 17th Street.
  • Great interior & exterior condition with recent capital improvements completed.
  • Currently, 1701 W. Balboa Blvd. is the only property (5+ units) available for sale in the entire city.
  • Comprised of a mix of (5) studio units, (3) one-bedroom units, (1) two-bedroom unit, and (1) four-bedroom unit.
  • New owner has the opportunity to increase rents to market and implement a RUBS program to recapture tenant's portion of utility costs.
  • Amenities include bay & ocean views in select units, community sun deck, on-site laundry facility (owned) & (9) single-car garage spaces

OVERVIEW

1701 W. Balboa Blvd. is a prime Newport Beach trophy asset opportunity on a ±7,688 SF triple lot, just one building from the sand and the only 5+ unit property currently for sale in the city. The building offers an ideal mix of studios, one-, two-, and four-bedroom units, with bay and ocean views in select units. Amenities include a community sun deck, on-site laundry, and (9) single-car garages. Recent upgrades include a new roof with warranty, fresh exterior paint, new garage doors, updated windows, interior renovations in most units, and a replaced main panel. With strong upside, this pride-of-ownership asset sits in one of Orange County’s most desirable coastal locations.

FOR SALE DETAILS

PRICE

$6,100,000 USD

PRICE/SF

$808 USD /SF

# OF UNITS

10

PRICE/UNIT

$610,000

CAP RATE

3.23%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1948

PARKING SPACES

9

LAND DETAILS

LAND ACRES

0.18 AC

LAND SF

7,688 SF

ZONING

Multifamily

APN/PARCEL ID

047-201-09

ASK ABOUT THIS PROPERTY

951-756-0448

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951-756-0448

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