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1701-1703 W Balboa Blvd 10 Unit Apartment Building $6,100,000 ($610,000/Unit) 3.23% Cap Rate Newport Beach, CA 92663
INVESTMENT HIGHLIGHTS
- Trophy asset located on a triple lot (±7,688 SF) on the corner of Balboa Boulevard and 17th Street.
- Currently, 1701 W. Balboa Blvd. is the only property (5+ units) available for sale in the entire city.
- New owner has the opportunity to increase rents to market and implement a RUBS program to recapture tenant's portion of utility costs.
- Great interior & exterior condition with recent capital improvements completed.
- Comprised of a mix of (5) studio units, (3) one-bedroom units, (1) two-bedroom unit, and (1) four-bedroom unit.
- Amenities include bay & ocean views in select units, community sun deck, on-site laundry facility (owned) & (9) single-car garage spaces
EXECUTIVE SUMMARY
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.
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.
PROPERTY FACTS
| Price | $6,100,000 | Apartment Style | Low-Rise |
| Price Per Unit | $610,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 3.23% | Building Size | 7,553 SF |
| Gross Rent Multiplier | 17.86 | No. Stories | 2 |
| No. Units | 10 | Year Built | 1948 |
| Property Type | Multifamily | Parking Ratio | 1.19/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | Multifamily | ||
| Price | $6,100,000 |
| Price Per Unit | $610,000 |
| Sale Type | Investment |
| Cap Rate | 3.23% |
| Gross Rent Multiplier | 17.86 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 7,553 SF |
| No. Stories | 2 |
| Year Built | 1948 |
| Parking Ratio | 1.19/1,000 SF |
| Zoning | Multifamily |
AMENITIES
UNIT AMENITIES
- Heating
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Public Transportation
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 5 | $2,200 | 500 |
| 1+1 | 3 | $2,250 | 850 |
| 2+1 | 1 | $3,100 | 1,000 |
| 4+2 | 1 | $5,500 | 1,500 |
Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 047-201-09 | Improvements Assessment | $256,230 |
| Land Assessment | $3,138,887 | Total Assessment | $3,395,117 |
PROPERTY TAXES
Parcel Number
047-201-09
Land Assessment
$3,138,887
Improvements Assessment
$256,230
Total Assessment
$3,395,117
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1701-1703 W Balboa Blvd
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