Property Description

Welcome to this exceptional modern coastal duplex offering a rare combination of luxury, location, flexibility, and proven income potential in Newport Beach. Completed in 2023 and spanning approximately 4,760 square feet, the property consists of two beautifully designed residences, each offering approximately 2,380 square feet with five bedrooms and six bathrooms across three thoughtfully designed levels. 506 was well thought out, offering en-suite bedrooms, inviting fireplaces, and expansive sliding glass doors that create a seamless connection between indoor and outdoor spaces. Private balconies extend from the primary suites and main living areas, while expansive rooftop decks with east and west exposures provide the perfect setting for entertaining, enjoying the ocean breeze, and taking in spectacular coastal sunsets. Live in one and generate income from the other, maintain a combination of short- and long-term rentals, or operate the property entirely as an investment-the flexibility here is exceptionally difficult to replicate in Newport Beach. Unit A holds a coveted Newport Beach short-term rental permit and has demonstrated impressive rental performance. From January through May 2026, Unit A generated approximately $150,000 in gross rental revenue. Summer is traditionally an even stronger rental period, with June through August historically generating approximately $28,000 per month in net income. Unit B is currently leased at $15,000 per month under a two-year lease, providing the property with an established long-term income stream alongside Unit A's short-term rental potential. For an owner-user, the opportunity is equally compelling: occupy one luxury residence while the neighboring unit produces significant income. For an investor, the combination of an existing long-term lease, an active short-term rental permit, and two nearly new luxury residences creates multiple avenues for income and long-term value. The location completes the offering. Enjoy immediate access to the best of Newport Beach, from the marina and beaches to the acclaimed shopping and dining of Lido Marina Village, with Balboa Pier, the Balboa Fun Zone, waterfront restaurants, and the energy of the peninsula all just minutes away. Each residence also features central air and heating, private laundry, and its own two-car tandem garage, providing the conveniences expected from newly constructed luxury coastal residences. Rare Opportunity!

Property Features

Local Schools