Cash Cow. Rare Short Term Rental Permits. Newport’s unofficial “fun zone”. Next to beach, close go restaurants, stores, and bars…Truly remarkable duplex w/Great rate of return on investment because of the Newport Beach City Approved "Short-Term Permits!" allowing this property to enjoy the premium income of Newport Beach Summer Weekend and Weekly premium rental rates. Of the nearly 50,000 housing units in Newport Beach, this property comes with two of the only ±1,550 short-term rental permits allowing investors to benefit from the annual 6.9 million visitors to NB, each year. This area is renown for having a proven yearly flow of summertime beach travel and demand continues in current rental history as heading to the beach is always popular... Located a few houses to beach in arguably the premier area for Newport Beach rentals; close to the pier, restaurants, bars, and fun activities but far enough away to avoid the major congestion. Currently, owner is averaging about $40,000+ per month in summer rental income and over 90% occupancy rates during available times with bookings. There were recent updates to the interior and exterior of both of the homes & all new furniture throughout both units and patios is included as part of rental package income. Some of these many Recent upgrades just completed: Professionally Textured & Painted Ceilings/Walls (eggshell), w/White semi gloss trim & Newer plank-style flooring Plus Many New Light fixtures and Ceiling Fans. Architecturally appealing both condo have that, "open floorplan concept", flowing from, outdoor Patio's to entry's of each into an Extra Large Living room's in both condo's, and each condos living rooms Opens wide into nicely upgraded Big Kitchen's as you expect to find in a condo with a nice spacious Open Floor-plan lay-out. Beachfront Downstairs condo layout listed as: 3 Br, 1 full Ba. + 3/4 Ba, + 1/2 Ba. lives as: A 2 bedroom, 1.5 bath front 1930's Original with hints of it's "Vintage Charm complete with 1930 outdoor beach living patio". Plus a newer more recently built larger part of second unit & garages & includes a bottom "Motel Type room." This Motel room is built w/Complete In-Suite 3/4 bathroom & window & is located downstairs behind the 2 units laundry room & includes current washer & dryer rental system. Newer section Rooftop Patio serves as your upstairs condo's very private fully furnished outdoor living patio, great for entertaining, cool ocean breezes & it's just steps to the sand...
Courtesy of Re/Max Olympic, Bob Kurz,
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