PROBATE SALE. This is an absolute generational opportunity. Property is at Main Street and Edgewater Place - basically on Newport Harbor and directly adjacent to the iconic Balboa Pavilion - Harborside Restaurant, the Catalina Flyer, Fun Zone and the Balboa Ferry, and a quick stroll to Balboa Pier. The building consists of 12 apartment units above 5 retail spaces. The 12 upstairs residential units are accessed by a wide common interior staircase located at the front of the building at Main Street. All units have unbelievable bay views and one unit has a deck sitting atop the Harbor. Some of these residential units are compact micro-style, and others are spacious - all are very livable.
The interior common area, along with the expansive deck space, can be highly upgraded to create a secure home feeling. Residential rents are well below market and can be increased dramatically - low rent is $735, high is $1,650; and they are master metered for utilities. There is approximately 4,566 square feet of retail space on the ground floor configured in 5 retail spaces which services the year-round tourist traffic at the famous Newport Beach Fun Zone in the heart of the Balboa Village. With appropriate property renovations, this opportunity is an incredible value-add play where the astute investor can experience a 4.31% cap in-place and an above market yield of 5.77% potentially going forward for a coastal asset of this kind. Court Confirmation is possible - Call Listing Broker.
