Sold

505 38th Street

Newport Beach CA, 92663

$2,400,000


$1,628.22 per sqft

Sold

1,474 sqft

Multi-family

Built in 1940

Listed by Jennifer Stock with Compass 949-438-4340

Opportunities abound with this charming bungalow-style Duplex on Newport Island. This is a great opportunity for an owner-user to live in this amazing neighborhood while, at the same time, generating monthly income. These units would make for fabulous long-term rentals as tenant demand is very strong on the island due to the location and the uniqueness of the neighborhood.

Also, this could be a phenomenal opportunity for someone who would like to start fresh and build their dream home in one of Newport Beach's most coveted neighborhoods. The new construction possibilities include a single-family residence with an ADU, a duplex or possibly even two condos. Per the city, total allowable build up to 3,840 sq. ft. including garages.

Both units have two bedrooms and one bathroom and they share a two car garage and a laundry. The charming front unit is on the ground level with no steps and move-in ready. Tenants enjoy a sizable front patio for outdoor dining & relaxing, a quaint living space with wood-like floors, wainscotting, a dining room and an updated kitchen. The back unit, which is located over the garage, is just as charming with a lanai, perfect for morning coffee, a Dutch door and ample living space.

Situated on one of the eight islands in Newport Harbor, this neighborhood is about as special as you can get. Residents enjoy a gorgeous waterfront park equipped with a playground, a half basketball court, grill area and a baby beach that overlooks the channel. On any given day, you will find islanders launching paddle boards and kayaks from the baby beach as well as from various inlets around the neighborhood. Some residents lease moorings from the City of Newport Beach, which are located around the island. It's a quick walk across the bridge and down two blocks to the locals' favorite beach and surf spot. This is a community that enjoys getting together. Residents gather for parties in the park, for just about every major holiday and several times throughout the summer. Newport Island looks and feels very much like a private community but, in fact, it's not. There are no monthly HOA dues.

In addition to the island, enjoy all that Newport Beach has to offer. Walk to several other nearby parks or bike to the Newport Beach Pier, Marina Park and The Balboa Fun Zone. Stroll the Peninsula and Lido Village for all of the fabulous shopping and dining establishments.

NP23022962

MLS ID

February 8, 2023

Listed

March 23, 2024

Updated

Map

505 38th Street
Newport Beach CA, 92663

Interior Features

Interior Features

Paneling/Wainscoting, Unfurnished, Main Level Primary


Appliances

Gas Oven, Gas Range, Dryer, Washer


Laundry Description

Common Area


Fireplace

No


Cooling

No


Cooling Description

None


Heating

Yes


Heating Description

Wall Furnace

Exterior/Building Features

Lot Size

0.06 Acres


Lot Features

Near Park, Rectangular Lot


Architectual Style

Bungalow


Roof

Composition


Sewer

Public Sewer

Other Property Details

Area Name

N8 - West Newport - Lido


Days on Market

13


Garage

Yes


Garage Spaces

2


Parking

Door-Multi, Garage


Parking Total

2


View

No


County

Orange


Water Source

Public


Pool

No


Pool Features

None


Buyer Agency Compensation

2.5%

Listing History

Date

Event

Price

5/18/2023

Sold

$2,400,000

4/26/2023

Price Change

$2,400,000

0%

4/26/2023

Unknown

4/24/2023

Pending

4/13/2023

Under Contract

Listing Contact: 949-438-4340 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 3/23/2024 at 1:16 AM UTC

 

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