__MAIN_TEXT__
feature-image

Page 1

Buildable Home Site For Sale: 3904 River Avenue, Newport Beach, CA

Background: The subject property is located along the waterfront in an area known as the Balboa Peninsula. The peninsula acts as a jetty enclosing the Newport Harbor and its 8 islands. The Peninsula is connected from the land via Pacific Coast Hwy (PCH) at Balboa Boulevard and Newport Blvd. Bridges are used to access: Lido Isle, Newport Island, Bay Isle, and Balboa Isle. A Ferry Boat from Balboa Blvd and Palm St. provides additional access to Balboa Island. The center of the Peninsula is called Balboa Village and the end of the Peninsula is called Balboa Peninsula Point… this is the place to watch body surfers at the world famous "Newport Wedge". The Balboa Pier is near the Balboa Ferry in Balboa Village and about 2 miles toward PCH is the Newport Pier Resort Area. Many say the Balboa Peninsula & Newport Harbor are the Jewel of the Southern California coastline. Oceanfront homes along the sand have gorgeous sunset views and support a plethora of activities from surfing, swimming, beach games, bike riding, sunbathing, and strolls along the sand. Waterfront homeowners enjoy these activities but also have access to the bay for kayaking, paddle boarding, and boating activities… Catalina Island is only 30 miles away, and cruising the coastline offers the opportunity to enjoy beautiful scenery and sea life.

Scot Campbell

Broker / Global Luxury Specialist 714.336.0394 Cell / Text scot.campbell@coldwellbanker.com www.scotcampbell.com DRE #00943759

© 2019 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is Independently Owned And Operated Except Offices Owned And Operated By NRT Incorporated.


Subject Site: Presently the site is occupied by 1,782 square foot single family dwelling built in 1945 with 3 bedrooms, 2 baths, & 2 car garage. The lot is 28.57 feet wide and 100 feet deep. The site fronts River Avenue and backs to the Rivo Alto Waterway which is approximately 100 feet across and offers access to Newport Bay by traveling under the Newport Blvd, Bridge. The general market area for the Subject Site includes waterfront homes of similar lot sizes on triangular shaped Newport Island (across canal from subject property), and waterfront homes along River Avenue, 36th Street, Marcus Avenue, and Finley Avenue. Indeed, the subject site has very easy access to the sands & surf of Newport Beach being just a three-block stroll away (and certainly more convenient than most of the competing similar home sites in the general market area).


Legal Description: Canal Section Block: 239 Lot: 3 TR 164 Assessor's Parcel Number: 423-303-05 County of Orange Highest & Best Use: The site appears to be developable for a 3-story single family residence of approximately 2,900 square feet, with boat dock, waterfront patio, 2 car garage, and rooftop living space. Buyer to verify with an architect familiar with the setbacks in the Newport Beach zoning ordinances and maximum vessel size for the wharfage. Plans & Reports: The seller has Preliminary Architectural Plans, Drainage & Grading plan, Landscaping Plan, Coastal Hazard Analysis Report, and Sea Wall Report. Contact listing agent for a written copy. Comparable Sales for Newly Built Homes & Upcoming New Homes in the area: The general market area has a mix of original structures from the 1940s and custom built homes of various ages & designs starting in the late 1970s to the present day. The most recent construction is primarily owner-user, so value estimates of the homes of highest quality in the area are difficult‌ the homes are built and retained, not sold. Occasionally a custom home is resold such as this one which was constructed on the same size lot in 2010 (MLS# NP18258461): 3806 River Avenue: 3 Bdrms, 5 Bths, 2893 SqFt SOLD $4,275,000 8/13/19 $PSF: $1,478 There is presently a custom new home under construction on a smaller 2,745 square foot site on Newport Island, it is expected to be completed in 2020. It is now on the market (MLS# NP19081983): 3904 Channel Place: 3 Bdrms, 5 Bths, 2693 SqFt, FOR SALE $6,299,000 $PSF: $2,339 It would appear from the sales comparables and active listings that the area would comfortably support a sale price of $5,000,000 to $5,500,000 (or perhaps more) depending on the size, design merits, and finish quality of the new structure. However, buyer to complete their own due diligence, and prices are subject to fluctuation depending on market conditions. Terms of Sale: All Cash at close of a maximum 60 day escrow period. Contingencies to be removed within a maximum of 30 days. Earnest Money Deposit to be 3% of purchase price. Escrow & Title to be seller's choice. Suggested Bid: $2,445,000 (Two Million Four Hundred Forty-Five Thousand)


Coldwell Banker Campbell Realtors

Local Postal Customers

Looking Northeast toward Pacific Coast Highway, Balboa Coves, & Hoag Hospital Newport Beach.

Looking down the waterway to the left of the subject property.

Looking down the waterway to the right of the subject property.

Scot Campbell

Broker / Global Luxury Specialist 714.336.0394 Cell / Text scot.campbell@coldwellbanker.com www.scotcampbell.com DRE #00943759

Š 2019 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell BankerŽ is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is Independently Owned And Operated Except Offices Owned And Operated By NRT Incorporated.

Profile for Coldwell Banker

3904 River Avenue, Newport Beach, CA / Builable Home Site For Sale  

Background: The subject property is located along the waterfront in an area known as the Balboa Peninsula. The peninsula acts as a jetty e...

3904 River Avenue, Newport Beach, CA / Builable Home Site For Sale  

Background: The subject property is located along the waterfront in an area known as the Balboa Peninsula. The peninsula acts as a jetty e...

Recommendations could not be loaded

Recommendations could not be loaded

Recommendations could not be loaded

Recommendations could not be loaded