Listing ID: NP15259099

225 Marine Avenue

Newport Beach , CA 92662

  • $2,000,000

    Price

  • 2,490
    Sq. Ft.

    $803.21/ Sq. Ft.

Status: Sold
Year Built: 1934
Property Type: COMMERCIAL
Lot Size: 2,490 Sq. Ft.
On Market: 92 Days
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Free Solar

5.18 kW

Free Solar System Size

$1,800

Annual Electricity Savings

$98,776

Lifetime Electricity Savings

$36,007

Increase in Home Value

Eco-Impact Every Year

30

Trees

11,544 lbs

CO2

4.5

Oil Barrels

4,507 mi

Car Pollution

Outstanding mixed-use commercial building on Balboa Island’s ultra-desirable Marine Ave. Features include an oversized retail space + garage/storage space and bath on the main level. The second floor has a beautiful remodeled executive office suite with hardwood floors, beamed ceilings and 3/4 bath. Both units are air conditioned with new condenser units servicing the main level. Current rents are $7,300/month for retail space, $200/month for the garage (currently used for storage) and $3,000 month (pro-forma) for office space. Owner currently occupies the office space and is willing to enter a lease through 2019 at the pro-forma rent $3000 per month rent. This is probably the finest building on Marine Avenue; it has great visibility and gets year-round foot and vehicular traffic. Don’t miss this rare opportunity to purchase a commercial property on Balboa Island!

Property Details

  • ConstructionMaterials: Stucco

  • Business Type: Mixed,Retail
  • Current Commercial Use: Res_commercial
  • Building Area Total: 2,490 Sqft
  • Cap Rate: 4.69
  • Electric Expense: 3310
  • Gross Scheduled Income: 126000
  • Insurance Expense: 1850
  • Maintenance Expense: 1100
  • Net Operating Income: 98349
  • Operating Expense: 27651
  • Trash Expense: 1151
  • Water Sewer Expense: 341

  • View: None
  • MLS Area Major: N9 - Lower Newport Bay - Balboa Island

  • Lot Area: 0 Sqft
  • Asset Class: Office,Retail
  • Building Status: Existing
  • Property Type: COMMERCIAL
  • Year Built: 1934
  • Year Built Source: Assessor
  • Parcel Number: 05016226
  • Land Use: Office,retail
  • Lot Size Source: Assessor
  • Water Source: Public

  • Listing Type: For sale
  • Days On Market: 92
  • Previous Standard Status: Active Under Contract
  • Special Listing Conditions: Standard
  • Status: Sold
  • Current Price: 2000000
  • List Price: $2,095,000
  • Price Per Square Foot: 803.21
  • Price Per Lot Square Foot: 765.11
  • Major Change Type: Closed
  • Original List Price: 2095000
  • Price Change Timestamp:
  • Original Entry Timestamp: 12/08/2015 14:04:16
  • Status Change Timestamp: 03/08/2016 09:02:20
  • Close Date: 03/07/2016
  • Close Price: 2000000
  • Listing ID: NP15259099

  • Postal Code: United States, California, Orange, Newport Beach, 92662
  • Street: Marine
  • Postal Code Plus 4: 1203
  • Street Suffix: Avenue
  • Street Number Numeric: 225
  • Floor Number: 0
  • Longitude: W118° 6' 35.6''
  • Latitude: N33° 36' 24.5''
Contact Agent
Reeco .
  • Reeco .

  • (877) 967-3326
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