1514 W Oceanfront, Newport Beach

1514 W Oceanfront Newport Beach

pcgroupoc.com

Unit A Ocean Front Upper | 2 Bed, 1 Bath Rare legal oceanfront Triplex in highly desired, central oceanfront location on the boardwalk between the two piers was recently remodeled earlier this year.

Excellent income history with proven track record and immaculate condition.

Stunning unobstructed “sit-down� ocean, Catalina and sunset views from the 2 front units. Recent upgrades include termite clearance, new interior and exterior paint in all units, remodeled kitchens, new tiled bathrooms with seamless glass showers, double sinks and quartz countertops. All 3 units are 2 bedroom and 1 bath. Unit A is the upper oceanfront unit that sleeps 7 with vaulted beam ceilings throughout, Great Room with walls of glass to the ocean, brick fireplace, wood floors, open kitchen with breakfast bar and new quartz countertops in kitchen and bathroom.

Unit B Ocean Front Lower | 2 Bed, 1 Bath

Unit B is the lower oceanfront unit that sleeps 6 and features a private front patio w/ sliding door, brick fireplace, open kitchen, dining nook, breakfast bar, gas cooktop, new quartz countertops and tile backsplash in remodeled kitchen and bathroom.

Unit C Non-Ocean Front Lower | 2 Bed, 1 Bath Unit C is the lower back unit that sleeps 6 and does not face the ocean. Nicely remodeled with tile and wood floors, beam ceiling, crown molding, open floor plan, remodeled kitchen and bath. Each unit has access to a 1 car garage and shared coin-op laundry room. Many groups reserve all 3 units for extended family vacations. All furnishings included in a turn-key package. Close proximity to Marina Park, Balboa Fun Zone and 20+ restaurants.

ANNUAL PROJECTED GROSS INCOME ANALYSIS: Unit A (Ocean Front Upper Unit) Projected Occupancy rate 80.5% Gross Income Projection $146,131 Unit B (Ocean Front Lower Unit w/patio) Projected Occupancy Rate 80.10% Gross Income Projection: $148,470 Unit B (Lower back unit – No ocean view) Projected Occupancy rate 77.3% Gross Income Projection: $79,626 Laundry Gross Income Projection: $2500

TOTAL GROSS INCOME PROJECTION: $376,727 LIST PRICE: $5,995,000

*Detailed income and financial pro-forma available upon request (seasonally adjusted)

ANNUAL PROJECTED EXPENSES: Property Management

$47,845

Advertising

$499

Bank Fees

$74

Insurance

$3,011

Internet and TV

$1,548

Licenses and Permits

$351

Accounting

$390

Newport Beach Fees

$4,436

Repairs

$10,000

New Property Tax

$66,000

Utilities

$3,193

Gas/Electric

$6,591

Water/Trash

$3,600

TOTAL PROJECTED EXPENSES: $174,538 PRO-FORMA NET INCOME: $202,189 PROJECTED CAP RATE AT LIST PRICE: 3.37% *Pro-forma income and expenses are based on recent and projected income. Historical data is impacted by COVID-19, a 3 month remodel project and no professional management company until 2020. Sellers and agents do not guarantee financial performance of the investment and Buyer should satisfy themselves and validate the projections prepared by the current property manager.

www.1514WOceanfront.com

Essentials Unit A Oceanfront Upper Unit 2 Bed 1 Bath Approx. 1100 SF Unit B Oceanfront Lower Unit 2 Bed 1 Bath Approx. 900 SF Unit C Non Oceanfront Lower Unit 2 Bed 1 Bath Approx. 800 SF Approx. 2,800 Total SF 3 Single Car Garages Lot Size 3039 SF Built in 1957, Renovated in 2020

Tara McNabb

Dean Lueck

DRE# 01871729 REALTORÂŽ 949.500.3910 taralmcnabb@icloud.com pcgroupoc.com

DRE# 01752859 REALTORÂŽ 949.275.1801 dlueck@cox.net pcgroupoc.com

pcgroupoc.com Compass is a licensed real estate broker (01991628) in the State of California and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice.