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129 45th St

2 Unit Apartment Building $3,495,000 ($1,747,500/Unit) 3.81% Cap Rate Newport Beach, CA 92663

Investment Highlights

  • Short Term Rental Permits
  • Located with easy access on the world famous Newport Peninsula
  • 10 homes from the beach

Executive Summary

Discover the ultimate in coastal living with this extraordinary duplex, just 10 houses from the sand. Situated in the heart of the peninsula, this rare gem blendsflexibility, charm, and opportunity. Whether you’re seeking a family retreat, an investment property, or both, this home offers short-term rental permits already inplace and countless options for modern beachside living. The front unit features 2 bedrooms and 1 bathroom, highlighted by high-beam ceilings, stylish finishes,and a charming fireplace in the living room. The entryway opens to a bright and airy living space that seamlessly connects to a well-equipped kitchen, a cozy diningarea, and a generously sized patio—perfect for enjoying the ocean breeze or hosting friends and family. The back unit exudes beachside charm and versatility with3 bedrooms and 3 bathrooms. Its open-concept kitchen flows effortlessly into the dining area and living room, complete with a fireplace. Additionally, the primarybedroom offers its own fireplace and direct access to a private balcony, creating a cozy retreat within this spacious unit. Both units offer direct access to a 2-carenclosed garage, conveniently backing to an alley, and each unit includes in-home laundry facilities for ultimate ease of living. Recent updates include a new roofcompleted in Spring 2024, ensuring peace of mind for years to come. Flexibility is at the heart of this property, offering multiple living and income opportunities:live in one unit and host visitors or family, live in one and rent the other, or maximize income potential with two short-term rentals already permitted and ready togo. The Pro-Forma prepared by Tower 17 Properties projects 2025 revenue of $242,283.42, showcasing its outstanding income potential. This duplex deliversmodern comfort and timeless coastal allure. Don’t miss your chance to own a piece of paradise—just moments from the sandy shores and minutes from the vibrant energy of the peninsula.

Financial Summary (Pro forma - 2025) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Pro forma - 2025) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price $3,495,000
Price Per Unit $1,747,500
Sale Type Investment
Cap Rate 3.81%
No. Units 2
Property Type Multifamily
Property Subtype Apartment
Apartment Style Single Family Home
Lot Size 0.06 AC
Building Size 2,800 SF
No. Stories 2
Year Built 1958

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
3+3 1 - -
2+1 1 - -
Walk Score ®
Very Walkable (82)
Bike Score ®
Very Bikeable (73)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®
  • Listing ID: 34265449

  • Date on Market: 12/21/2024

  • Last Updated:

  • Address: 129 45th St, Newport Beach, CA 92663

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