746 Tustin Avenue

  • Newport Beach

  • $3,700,000
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Residential Income Details

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.
Essential
MLS #CV18140943
Price$3,700,000
Number of Units6
Sale TypeStandard
StatusActive
Listing BrokerageMARCUS & MILLICHAP
Listing AgentEDWARD PAN
Listing Agent BRE #01894476
Interior
CoolingCentral
HeatingCentral Furnace
Exterior
ParkingBuilt-In Storage,Carport Attached,Direct Garage Access,Driveway,Garage
Garage Spaces1
PoolPrivate,Fenced
RoofingComposition
Community
Area699 - Not Defined
CommunityCurbs
Address746 Tustin Avenue
CityNewport Beach
CountyOrange
StateCA
ZipCode92663
School

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Based on information from California Regional Multiple Listing Service, Inc. as of Wednesday, June 13, 2018. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.