1603 E Balboa Blvd, Newport Beach, CA 92661

Offering bay views from its outstanding location just one block from the water in Newport Beachs prestigious Peninsula Point neighborhood, this completely remodeled four-plex presents an excellent rental history and an annual gross income of more than $116,000. Eligible for a short-term rental permit, the classic shingle-style Cape Cod building includes a trio of one-bedroom, one-bath designs; a two-bedroom, one-bath unit; and an extra studio or storage room with bathroom. Remodeled in 2012 and showcasing a freshly painted exterior, the property is home to excellent tenants and includes a 35'-wide site with a paver-finished front patio, large side yard, vinyl fencing, a white picket fence in the front yard, a rear-facing two-car garage with adjoining parking space, and a large upstairs sun deck. Noteworthy upgrades include wood-look plank flooring, designer paint, crown molding, ceiling fans, newer windows and doors, mirrored wardrobe doors, fully appointed dine-in kitchens and granite countertops. Act quickly to acquire a very rare legal non-conforming four-plex in highly sought-after Peninsula Point, a playground that is anchored by the world-famous Wedge surf spot and renowned for its mega-million-dollar ocean- and bay-front residences. Shops and restaurants are minutes away, and Balboa Island, Newport Coast, Corona del Mar and Laguna Beach are all nearby.