20721 fte269 22x8 5 8page 125 39th street pages

125 39th Street | Newport Beach Offered at $1,995,000

UPPER 4-BEDROOM UNIT

This outstanding ocean-view duplex is in the coveted 100 block, just a stone’s throw away from sandy beaches and the crashing surf. This large, multi-family zoned property features a rare 4-bedroom, 2-bath unit upstairs and a 3-bedroom, 2-bath unit downstairs. Both units are very clean and have been upgraded and improved over the years. The upper unit features woodbeam vaulted ceilings throughout, an open kitchen with bamboo floors, newer appliances and a dining nook, a spacious great room with a fireplace and an ocean-view balcony.

LOWER 3-BEDROOM UNIT

The lower unit has been recently upgraded with newer travertine flooring, kitchen appliances, a breakfast bar and a remodeled bathroom. A front patio on the lower unit is ideal to take in the views, ocean air and summer barbecues. Enjoy newer dual-pane windows and sliders. A 2-car garage with a laundry facility is shared by the tenants. Great rental income and expense history is available (managed by Villa Rentals). The property is fully leased to strong tenants with varying lease maturity dates that are likely to extend if desired by the new owner. This could also be a great second beach home while offsetting the cost with rental income. This is a great turnkey income property in a 5-star location just a half block from the beach.

FINANCIAL SUMMARY Current Rental Income Rent Upper Unit $3,300 per month Lower Unit

$2,850 per month

Annual Expenses Lease Expiration Currently month to month, lease expired 1/31/16 Tenants would like to extend 11/30/16

Actual Gross Income Annually $73,800 Proforma Gross Income Annually $77,400 - $3500 up and $2950 down

New Taxes $20,000 Insurance $1,000 Utilities $900 Repairs $1500 Maintenance $300 Total Estimated Expenses

$23,700

Estimated Net Income Estimated Cap Rate

$50,100 2.51%

Proforma Estimated Net Income $53,700 Proforma Estimated Cap Rate 2.70%

• Approximately 2,500 square feet • Zoned multi-family • 4-bedroom, 2-bath upstairs unit • 3-bedroom, 2-bath downstairs unit • Lot size approximately 2,309 square feet • Built in 1972 • Half block from beach • Zoned R-2 multi-family

© First Team Real Estate. All rights reserved. This representation is based on information from California Regional Multiple Listing Service, Inc., as of 02/16/2016. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. This is not intended to solicit a listed property. If your property is 20721 currently listed for sale with a broker, please disregard.

An Affiliate of LUXURY PORTFOLIO INTERNATIONAL®

Dean Lueck REALTOR ®

CalBRE# 01752859

949-275-1801 dlueck@cox.net www.deanlueck.com