Est. cap rate

0.6%

Assumed rent, all units

$6,080/mo

Units

2

Price per unit

$2,997,500

Est. annual NOI

$36,480

Expense assumption

50%

Estimates only, based on HUD Fair Market Rents (a conservative 40th percentile floor) and a standard 50% operating expense assumption. Not a guarantee of income or value. Ask Alex for a pro forma using comparable rent data.

Run your own numbers

Adjust the assumptions to see cash flow and cash on cash return.

Illustration only, using a 30 year loan and your assumptions above. Not a loan offer, financial advice, or a guarantee. Confirm financing and actual rents independently.

Property details

Type

Duplex

Bedrooms

2

Building size

2,959 sqft

Lot size

3,598 sqft

Year built

1963

Stories

2

Garage spaces

0

Style

See Remarks

Heating

Central

Cooling

Central Air

Pool

None

View

Ocean

Status

Active

Days on market

0

MLS #

249084421

About this property

Just three houses from the beach on Newport Beach’s Balboa Peninsula, this beautifully renovated oceanview duplex combines quality, location and a proven rental track record. With two rare short-term rental permits and over $320,000 in seller-reported gross rental income in 2025, along with multiple weeks reserved for personal use, this is an incredible opportunity to own an established coastal investment in a highly desirable beachside setting. The first-floor residence features two bedrooms and one bathroom, while the second-floor residence offers three bedrooms and two bathrooms. Each has its own kitchen, living room and dining area, providing flexibility for vacation rentals, personal use or gathering family and friends with space and privacy. Bright interiors and tasteful renovations create a relaxed, welcoming atmosphere throughout both residences. Modern kitchens feature stainless steel appliances, wine refrigerators and islands with bar seating. Comfortable living and dining areas connect with inviting outdoor spaces, including an upper deck, a generous lower patio and an outdoor fire pit with built-in seating. From morning coffee to outdoor dining after a day at the beach, the property is designed to make the most of its coastal location. Two assigned parking spaces, one for each residence, make it easy to arrive, park and walk. The sand, surf and oceanfront boardwalk are close by, along with neighborhood restaurants, cafés and shopping. Enjoy bike rides along the Peninsula, dining near Newport Pier and exploring the boutiques and waterfront restaurants of nearby Lido Marina Village. Currently managed by AvantStay, the residences may be rented individually or together. Enjoy one while renting the other, bring both together for personal use, or continue operating the property as a vacation rental investment. The approximate cap rate is 4.2%, excluding potential rental income from owner-reserved weeks and other projected income increases. Short-term rental permits: SLP13962 and SLP13963. Buyer to verify all property information, rental financials, operating expenses, permit status and transferability.

Location

111 38th

Newport Beach, Orange, CA, 92663