Thank you
Tyler Leeson
Marcus & Millichap RE Invest
949-419-3200
887 West 15th Street is a 16-unit multifamily investment property in an unparalleled Newport Beach location. Built in 1989, 887 West 15th Street features 16, spacious two-bed/ two-bath apartment homes, each with a private patio or balcony, an individual water heater, and central heating. The property offers amenities including covered and surface parking, storage units, and an on-site laundry facility. With 5 renovated units, 3 partially renovated units, and 2 vacancies at closing, a new owner has the unique opportunity to immediately implement their own comprehensive renovation plan, allowing for significant rental premiums over nonrenovated units. 887 West 15th Street’s Newport Beach location provides residents with easy access to all that the area has to offer. The property’s ideal location provides walkable access to Carden Hall, Pacifica Christian High School, and Coastline College. Additionally, the property is situated just half-a-mile from Hoag Hospital, the top employer in the city with more than 5,000 employees in 2023. Furthermore, residents enjoy the property’s close proximity to the beaches, restaurants, and bars on the Balboa Peninsula. 887 West 15th Street's highly desirable location and floor plans provide an investor with the ability to capture quality tenants seeking a convenient location with access to a wide variety of activities, transportation, and retail amenities. This overall demand for well-located apartments will be a key driver in the continued growth at the property.
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Water Source : Public
Sewer : Public Sewer
Year Built: 1989
Building Area Total: 15,622
None
Common Area
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.5
Lot Size Source: Assessor
Lot Size Square Feet: 21780
Original List Price: 10,000,000
Listing Contract Date: 2024-04-30
Listing Agreement: Exclusive Right To Sell
Parcel Number: 42401136
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: N6 - Newport Heights
Directions: Cross Streets of West 15th & Monrovia Avenue
Source Property Type: Residential Income
Area: N6 - Newport Heights
Property SubType: Apartment
Property Age: 35
Common Walls: No Common Walls
Structure Type: Apartment
Year Built Source: Assessor
Entry Level: 1
Entry Location: First level
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
601 Lido Park Drive #3A, Newport Beach, CA,92663 | $22,000 | 2 | 2 | 1,873 | -- |
2600 Newport Boulevard .., Newport Beach, CA,92663 | $2,885,000 | 4 | 2 | 2,000 | -- |
2209 Cliff Drive, Newport Beach, CA,92663 | $14,995,000 | 5 | 5 | 6,800 | 7405 Sqft |
2711 W Balboa Boulevard, Newport Beach, CA,92663 | $3,399,000 | 5 | 4 | 2,474 | 2178 Sqft |
119 Via Jucar, Newport Beach, CA,92663 | $7,295,000 | 4 | 4 | 4,793 | 4840 Sqft |
110 Via Trieste, Newport Beach, CA,92663 | $10,495,000 | 5 | 5 | 5,507 | 6160 Sqft |
5308 Seashore Drive, Newport Beach, CA,92663 | $4,975,000 | 4 | 4 | 2,570 | 3200 Sqft |
2316 Cliff Drive, Newport Beach, CA,92663 | $8,200,000 | 7 | 6 | 5,500 | 5625 Sqft |
309 Via Lido Soud, Newport Beach, CA,92663 | $39,750,000 | 4 | 4 | 8,868 | 9450 Sqft |
119 Via San Remo, Newport Beach, CA,92663 | $4,195,000 | 4 | 3 | 2,131 | 3696 Sqft |
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ByOwner last updated this listing 05/19/2024 @ 10:57
MLS: OC24086137
LISTED BY: Tyler Leeson, Marcus & Millichap RE Invest
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.