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506 E Oceanfront, Newport Beach, CA 92661
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506 E Oceanfront Newport Beach, CA 92661

$6,500,000
  • 7 Beds
  • 5.5 Baths
  • 3,044 Sq.Ft.
For Sale
$6,500,000 Get Pre-Qualified
Map preview of 506 E Oceanfront, Newport Beach, CA 92661

Property Overview: 506 E Oceanfront Newport Beach, CA has 7 bedrooms, 5.5 bathrooms, 3,044 living square feet and 2,614 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: Once in a lifetime opportunity! For the 1st time in over 35 years, 506 E. Oceanfront is NOW available to add to your investment portfolio as an investment asset or, utilize it for your future primary residence (or both as its zoned as a Duplex). These assets customarily never hit the market and become generational properties! Don't Hesitate. Don't let this unique opportunity pass you by. Located in the heart of the Balboa Peninsula! Wake up and choose the Bike Path in front, the volleyball courts, or enjoy the sand and Pacific Ocean - all just steps away. If you choose to take a short stroll, you are immediately in the heart of all the action. Just steps to the pier, local restaurants, and plenty of parking for your guests as the city parking facilities are also just steps away. Not too many places along the California Coastline could offer this much opportunity. Current unit mix (Unit A) is a Three Bedroom Two Bath unit - potentially set up to sleep 9 Guests, and Unit B as a 4 bedroom 2 1/2 Bath unit that is potentially set up to sleep 12 Guests... Imagine having 21 guests at your Beach Front Oasis!

Listed by David Holstein | BRE #01210777 | The Holstein Group
Last checked: 3 minutes ago | Last updated: March 20th, 2024 | Source CRMLS | DOM: 44
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Home details

Lot Sq. Ft
2,614
HOA Dues
$0/mo
Year built
1973
Garage
2 Car
Property Type:
Duplex
Status
Active
MLS#
SB24045420
City
Newport Beach
County
Orange
Time on Site
52 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 2
  • Total # of Buildings: 1
  • # of Electric Meters: 2
  • # of Gas Meters: 2
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 4
  • # of Baths: 3
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Furnished
  • Actual Rent: $8,333
  • Total Rent: $8,333
  • Pro Forma/Market Rent: $15,000
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 3
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Furnished
  • Actual Rent: $8,333
  • Total Rent: $8,333
  • Pro Forma/Market Rent: $15,000
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $200,000
  • Net Operating Income: $93,200
  • Gross Operating Income: --
Annual Expense Breakdown
  • Total Operating Expense: $106,800
  • Electric: $3,500
  • Gas/Fuel: $0
  • New Taxes: $75,000
  • Trash: $0
  • Insurance: $4,500
  • Maintenance: $10,000
  • Professional Management: $10,000
  • Water/Sewer: $3,800

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Property Details for 506 E Oceanfront

Interior Features
Laundry Information
  • Has Laundry
  • Dryer Included, Washer Included
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 2
  • # of Parking Spaces: 3
Lot Information
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Has View
  • View: Ocean, Pier, Water, White Water
  • Common Walls: 2+ Common Walls
  • Total # of Units: 2
  • Parcel Number: 04812210
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Balboa Peninsula (Residential) (BALP)
  • Directions: Balboa Blvd to Oceanfront
Neighborhood Information
  • Community Features: Biking, Fishing, Hiking, Watersports, Sidewalks
View more facts & features

Local Newport Beach Agent

Sale History for 506 E Oceanfront

Last sold on July 7th, 2015

  • March, 2024

  • Mar 5, 2024

    Date

    Active

    CRMLS: SB24045420

    $6,500,000

    Price

  • July, 2015

  • Jul 7, 2015

    Date

    Sold (Public Records)

    Public Records

    --

    Price

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Tax History for 506 E Oceanfront

Assessed Value (2020): $851,601
Year Land Value Improved Value Assessed Value
2020 $647,217 $204,384 $851,601

Home Value Compared to the Market

This property vs the competition

506 E Oceanfront is listed 51.2% higher than the median list price for the city of Newport Beach which has a median list price of $4,299,000. The median price per/sqft for Newport Beach is $1,506 and this home is listed at $2135.35 per/sqft which puts the price per square foot 41.79% higher than the median price per square foot for the city of Newport Beach.

About 506 E Oceanfront

Detailed summary of property

506 E Oceanfront is a duplex located in Newport Beach, CA 92661 and is currently for sale. This duplex offers 7 bedrooms, 5.5 bathrooms, roughly 3,044 living square feet, and sits on an approximately 2,614 square foot lot. 506 E Oceanfront was first listed on ArdentRealEstateGroup.com on March 6, 2024. The homeowner is currently asking $6,500,000. The median priced home in Newport Beach is $4,299,000 with a median price per square foot of $1,506. Based on Ardent Real Estate Group's Newport Beach Market Data, this home is listed 51.2% higher than the median priced home. Local competing homes currently for sale include 208 W Hoover Ave, 5571 E Seaside and 826 N Barranca Ave. While the average home in Newport Beach, CA is selling in 75 days, 506 E Oceanfront has a days on market of 44 days. There are currently 260 homes for sale in the Newport Beach real estate market and 192 of them are single family homes while 54 of them are condos and 14 are townhomes. For more information on this home for sale at 506 E Oceanfront Newport Beach, CA 92661 contact Ardent Real Estate Group and we will put you in touch with one of our Newport Beach agents.

Public Facts for 506 E Oceanfront

Public county record property details
Beds
--
Baths
--
Year built
1973
Sq. Ft.
3,044
Lot Size
2,482
Stories
2
Type
Duplex (2 Units, Any Combination)
Pool
No
Spa
No
County
Orange
Lot#
12
APN
048-122-10

The source for these homes facts are from public records.

92661 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$6,750,000
Median List Price/Sq.Ft.
$2,241
Median Sold Price
$11,100,000
Median Sold Price/Sq.Ft.
$2,775
Total Inventory
47
Median Sale to List Price %
94.11%
Avg Days on Market
174
Loan Type
Conventional (33.33%), FHA (0%), VA (0%), Cash (33.33%), Other (33.33%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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.

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