The Cottage at Balboa Peninsula is a quaint investment opportunity at the corner of Coronado Street and East Balboa Boulevard. It has a long and storied history which includes operating as a family compound, vacation rentals and, in its current configuration, as a 4 unit multifamily rental. The front unit which is on the corner of Balboa Boulevard and Coronado Street is two- bedrooms with one bath and a kitchen and small dining area. Two of the units (Units 1 and 2) are one bedrooms with one bath. One unit is a studio unit. Both the ones and the studio unit have kitchenettes. What makes this property particularly valuable is its corner location on Balboa Boulevard which takes it away from the Balboa Peninsula boardwalk while still providing ocean views and only being a few feet from the sand combined with the opportunity for an investor to redevelop the site. The City of Newport Beach will allow for the property to be redeveloped in a two-story, 2 unit plus one ADU configuration. Two parking spaces would be required. Even though 301 E. Balboa does not have beach frontage, because of its frontage on Coronado Street, each unit of a new development can be configured to have unobstructed ocean views. The property can then be operated as a rental property, a personal multi- unit residence or, if given City approval, vacation rentals. *** PLEASE NOTE THAT ALL INCOME AND EXPENSE INFORMATION SHOWN ON MLS FOR THIS PROPERTY IS PRO FORMA ***