PRELIMINARY PLANS TO EXPAND UP TO 4000 SF! This large multi-family lot allows you to develop a spectacular, oceanfront owners unit PLUS an ADU in the back of the property. Ideal for primary or second home owners that desire to offset annual costs with rental income from the ADU. The property comes complete with two highly coveted active short-term-rental permits from the city of Newport Beach, this oceanfront property on an extra large lot is located right on the sand and a convenient boardwalk location on the Balboa Peninsula with strong short term rental history. Spectacular beach views are enjoyed from the existing front home, which offers one bedroom and one bathroom in an open-concept single-story floorplan. Enjoy a gated front patio, ocean-view living room, a white dine-in kitchen, laundry porch, luxury vinyl plank flooring and crown molding. An additional two-level home at the back of the property features three bedrooms and two baths. Walk across the sand to beach volleyball courts, playground, 15th street Surf Shop, Fry's Market or explore nearby Marina Park, the Fun Zone, Newport Beach’s famous pier, and the upscale shops and restaurants at Lido Marina Village. Surfing, golf, Fashion Island, movie theaters and more are all moments away. LOTS OF OPPORTUNITES to renovate and expand the current home to meet your needs and financial objectives!