125 39th street brochure

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  • 125 39th Street | Newport Beach

    Offered at $1,995,000

  • This outstanding ocean-view duplex is in the coveted 100 block, just a stones 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 wood-beam 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.

    UPPER 4-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.

    LOWER 3-BEDROOM UNIT

  • FINANCIAL SUMMARY

    Rent Lease Expiration

    Upper Unit $3,300 per month Currently month to month,lease expired 1/31/16Tenants would like to extend

    Lower Unit $2,850 per month 11/30/16

    Current Rental Income

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

    Annual Expenses

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

    Total Estimated Expenses $23,700

    Estimated Net Income $50,100Estimated Cap Rate 2.51%

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

  • An Affiliate of LUXURY PORTFOLIO INTERNATIONAL

    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 currently listed for sale with a broker, please disregard. 20721

    Dean LueckREALTOR

    CalBRE# 01752859

    949-275-1801dlueck@cox.net

    www.deanlueck.com

    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

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