Property Detail

Description

Turn-key, newly renovated 2,214 sq ft single-family home on a huge 8,100 sq ft flat, rectangular cul-de-sac lot in prime Newport Beach—cash-flow on day one with multiple value-add exits. Major capital items are DONE: new plumbing, new roof, new central A/C, dual-pane windows & doors, new kitchen, two heavily renovated baths + one renovated, new LVP floors, extensive recessed lighting, fresh interior & exterior paint, and a drywalled/finished garage with epoxy flooring. Bright, airy layout with 3 bedrooms downstairs plus a large upstairs bonus room currently used as a legal second primary suite. A giant backyard anchors the quiet cul-de-sac location—ideal for outdoor living and future expansion. Income & Upside: Long-term lease potential in the $12,000–$15,000/month range; mid-term furnished (3–6 months) targets $25,000/month for executive/relocation stays. ADU potential adds another cash-flow lever, with a backyard ADU concept at $200,000 generating $4,000/month in additional rent. Two proven value-add plays: (1) Add Square Footage (RTI): City-approved, shovel-ready plans to add ~1,000–1,200 sq ft; modeled ROI 45% and $1.0–$2.0M target profit (current underwriting upside $1.9M). (2) Scrape & Build New: Pursue a 6,000 sq ft custom (guidelines allow up to 8,500 sq ft). Area new construction has supported $1,900+/sf, with modeled ROI 70%+ (mid-case 72%) and $4.4–$5.6M profit potential. Location: Short walk to Upper Newport Bay (Back Bay) trails; the beach is a bike ride away; minutes to Fashion Island and John Wayne Airport with fast 73/55/405 access. Within family friendly Newport-Mesa School district. Offered at $3,425,000.