746 Tustin Avenue

    Newport Beach, CA 92663
    • $3,520,000
    • STATUS: Active
    • ON SITE: 124 days
    • ID#: CV18140943
    UPDATED: 59 min ago
    $3,520,000
    • 0
      BEDS
    • 0.4
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,635
      SQFT
    • $625
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1959
    County:

    School Ratings & Info

    Description

    Built in 1959 and thoroughly renovated in 2013, this property consists of one, four-bedroom(converted from three-bedroom)/two-bathroom front single family residence unit and five, two-bedroom/one-bathroom back apartment units. The front dwelling house comes with a spacious 2,000 square foot floor plan and a one car garage with direct access, plus an additional driveway and street parking, along with its own private backyard. All five two-bedroom units include tucked-under carport parking with storage and extra open space parking. Moreover, the apartment building provides a shared large inclusive courtyard, gated swimming pool and laundry facility. Each unit is also individually metered for gas & electricity and contains copper plumbing. The subject property is situated on a huge lot of 17,625 square feet as well as an additional 18 percent potential upside on rents.The property is located at the heart of Newport Beach. Attractions like Newport Beach Pier, Newport Harbor, Balboa Peninsula, Fashion Island and The Triangle are within minutes of driving. This is an exceptional opportunity for an investor to acquire a piece of real estate where one will find an ideal balance between capital preservation and cash flow. It is a true trophy asset which will stand against inflation and proven to be the most desirable pride of ownership investment.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-10-16T20:30:29.867. 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 deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.playavistaliving.com/homes/84599908

    746 Tustin Avenue Newport Beach, CA 92663

    • Price: $3,520,000
    • Status: Active
    • Updated: 59 min ago
    • ID#: CV18140943
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.4
    Acres
    5,635
    SQFT
    $625
    $/SQFT
    1959
    Built
    Neighborhood:
    699 - Not Defined
    County:
    Orange
    Area:
    699 - Not Defined
    Property Description
    Built in 1959 and thoroughly renovated in 2013, this property consists of one, four-bedroom(converted from three-bedroom)/two-bathroom front single family residence unit and five, two-bedroom/one-bathroom back apartment units. The front dwelling house comes with a spacious 2,000 square foot floor plan and a one car garage with direct access, plus an additional driveway and street parking, along with its own private backyard. All five two-bedroom units include tucked-under carport parking with storage and extra open space parking. Moreover, the apartment building provides a shared large inclusive courtyard, gated swimming pool and laundry facility. Each unit is also individually metered for gas & electricity and contains copper plumbing. The subject property is situated on a huge lot of 17,625 square feet as well as an additional 18 percent potential upside on rents.The property is located at the heart of Newport Beach. Attractions like Newport Beach Pier, Newport Harbor, Balboa Peninsula, Fashion Island and The Triangle are within minutes of driving. This is an exceptional opportunity for an investor to acquire a piece of real estate where one will find an ideal balance between capital preservation and cash flow. It is a true trophy asset which will stand against inflation and proven to be the most desirable pride of ownership investment.
    Exterior Features

    Carport Spaces 5.00 Garage Spaces 1.00 Lot Features LandscapedYard Lot Size Source Assessor Lot Size Units Square Feet Parking Features Built-In StorageCarport AttachedDirect Garage AccessDrivewayGarage Parking Total 12.00 Parking YN Yes Pool Features PrivateFenced Pool Private YN Yes Property Attached YN Yes Roof Composition

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 1 Common Wall Cooling Central Cooling YN Yes Heating Central Furnace Heating YN Yes Laundry Features Individual Room

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 2.92 Community Features Curbs Country Us Electric Expense 600.00 Elevation Units Feet Fuel Expense 0.00 Gardener Expense 1920.00 Gross Income 164489.00 Gross Multiplier 20.90 Gross Operating Income 161521.00 Gross Scheduled Income 168420.00 Insurance Expense 1500.00 Land Lease YN No Laundry Income 1122.00 Laundry YN Yes Maintenance Expense 6461.00 Net Operating Income 102849.00 New Taxes Expense 39043.00 Number Of Separate Electric Meters 7 Number Of Separate Gas Meters 7 Number Of Separate Water Meters 7 Operating Expense 61640.00 Other Expense 1500.00 Pool Expense 1540.00 Professional Management Expense 6461.00 Rent Control YN No Senior Community YN No Special Listing Conditions Standard Total Expenses 61640.00 Trash Expense 1996.00 Vacancy Allowance 4961 Vacancy Allowance Rate 3.00 Water Sewer Expense 500.00 Water Source Public

    Listing provided courtesy of Edward Pan of Marcus & Millichap.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-10-16T20:30:29.867. 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 deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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