129 45th St
2 Unit Apartment Building $3,495,000 ($1,747,500/Unit) 3.81% Cap Rate Newport Beach, CA 92663
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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
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$9.99
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Other Income |
$99,999
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$9.99
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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
![]() |
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 |
Building Class | C |
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)
PROPERTY TAXES
Parcel Number | 424-413-21 | Total Assessment | $321,024 (2024) |
Land Assessment | $120,262 (2024) | Annual Taxes | ($1) ($0.00/SF) |
Improvements Assessment | $200,762 (2024) | Tax Year | 2025 Payable 2025 |