Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Newport Seaside Apartments, a 25-unit multifamily investment property located in Newport Beach, one of the premiere coastal housing markets in Southern California.
From the east to the west side of the city, Newport Beach consists of various residential and commercial areas that combine to make the City of Newport Beach one of the most attractive communities on the West Coast. The affluent Newport Beach is known for its “villages,” each with its own distinct character and appearance that attracts a wide range of tenants and visitors year round.
Built in 1987, Newport Seaside Apartments offers investors the opportunity to capitalize on the unique characteristics of Newport Beach to increase rental income by approximately 76 percent.
Situated on a 0.82-acre lot, the 20,823 square foot property consists of two-bedroom and three-bedroom floor plans averaging over 830 square feet. Newport Seaside Apartments offers an attractive of amenities including on-site laundry, carport parking, balconies, and a playground.
The coastal communities within Orange County are some of the most desirable markets for multifamily investment yet they are scarcely available. Given the unique nature of this investment opportunity and the strength of the apartment fundamentals in the city of Newport Beach, Newport Seaside Apartments is well positioned to capture a meaningful share of the dynamic market’s continued growth.
