Added at April 29 2008, 3:58pm


Type:
Multi Family
Listing status:
Sale
SF:
Building size: 7050, Lot size: 6800
Housing units:
Occupied: 12, Vacant:
Description:
The Newport Shores Drive Apartments, built in 1963, is a rare investment opportunity in prestigious Newport Beach located in the Newport Shores area, alongside the wet lands known as Simonic Slew and only one block from the Pacific Ocean. This affords the serene views of acres of open space and the ocean from some units. Average price for a single-family home in the Newport Shores area is just north of $2.5 Million. What makes this property unique, is that it sits in one of the highest rental demand cities of Orange County and the building is one of the few in Newport Beach with One Bedroom Units walking distance to the ocean. Given the shortage of One Bedroom Units in Newport Beach this close to the ocean, the property presents a secure cash flow and tremendous upside by bringing the rents in line with the market. Residing tenants enjoy an array of entertainment and shopping being located just minutes from Huntington Beach, Newport Beach and Balboa piers, the Newport Beach Peninsula, Triangle Square, and Fashion Island. It?s "A +" location should provide future appreciation for years to come. Resident amenities include on-site laundry facility, enclosed garages, carport parking, a relaxing pool and balconies for some units. Property is Zoned Commercial (SP4). For the right investor, this investment could presents a potential redevelopment opportunity by converting the property to commercial or changing the use of the property to a Bed and Breakfast, Hotel or just continue to enjoy the secure cash flow as an apartment building.
Address:
6001 Newport Shores Drive, Newport Beach, CA, 92663