This is a once in a lifetime opportunity. Never before has the opportunity presented itself to purchase so many properties on the Newport Beach Peninsula in the City of Newport Beach on California’s Gold Coast. This unique portfolio of properties has been amassed over the past 10 years and all of them have recently been renovated and remodeled in addition to going through the City of Newport Beach’s condo conversion process. All of these properties were originally duplex rental properties which were constructed from the late 1960’s to the mid 1980’s. All of the properties have been completely remodeled and renovated all the way down to the wood studs. For additional information on the specifics of the renovation and the quality of improvements, please see the construction section of our website.
The total portfolio encompasses 21 individual condos at 11 different structures, all within close proximity to each other and within immediate proximity to the beach and Newport Bay. All of the properties are located in the city of Newport Beach and the condo conversion has complied with the City of Newport Beach building codes, planning department, condo conversion process and all projects have been approved by the California Coastal Commission. All parcel maps, condo maps and CC&R’s have been filed with the county of Orange. These properties can be operated as rental income properties or sold off in pieces for individual home ownership.
The ownership has elected to sell the properties in a bulk portfolio sale and has significantly reduced the price from a market value of approximately $30 million.
A potential buyer can purchase as little as $5 million, or purchase the entire portfolio. Pricing will be subject to the specific properties or portion of the portfolio, however, the asking price has been reduced to $24,999,000 for the entire portfolio.
A complete listing of the individual properties and addresses can be accessed through the property section of our website. This website provides complete detailed information on the construction, the condo conversion process, the management, leasing, and property profiles of the entire portfolio.
The same ownership entity currently owns the entire portfolio. The properties are individually not listed for sale, they are only available within this bulk sale process. We are currently soliciting offers and interests from local, regional, national and international buyers who see the value in quality real estate with quality improvements in an A+ location. The upside for this acquisition will allow a potential investor to acquire the properties at a discount and hold them either for short term gain to then re-sell individually as the residential real estate market recovers, or to hold them within their own portfolio for long-term assets which will only appreciate in value over time.
One of the unique aspects of these particular properties are that many of them were the final properties approved by the city of Newport Beach prior to the city changing it’s condo conversion requirements. Today there are virtually no condo conversion projects in the city of Newport Beach due to the fact that the city’s requirements for condo conversion are so restrictive that there are very few properties that can meet those requirements. Additionally, the cost of construction and renovation make it prohibitive to be able to duplicate these properties again. The only other comparable types of properties would be new construction in which an older property was demolished and brand new construction was built. However, because of the setback requirements, parking requirements and open space requirements for new development, similar types of structures can be constructed, however, with much smaller square footage. These unique opportunities can never be duplicated. The quality of the improvements are of the highest caliber and all of the properties are currently rented for cash flow income. Both conventional, apartment, condo and creative financing can be utilized in acquiring these properties which provide for additional flexibility in an acquisition such as this.
Please feel free to explore all of the facets of our website which should answer all of your questions concerning the properties, the portfolio and any potential sale. Once you have had an opportunity to explore the website should you have any additional questions, comments or interests please feel free to contact us directly should you be interested in pursuing the portfolio further.