Investors and Builders - With a recent rezoning by the County of Orange, this highly desirable property offers unparalleled flexibility and development potential, setting it apart from any other on the market in the Newport-Mesa area. Just 350 yards or so from the serene waters of Newport's Back Bay, this 8,275-square-foot property is ideally located in an unincorporated area of Eastside Costa Mesa. Considering building six new townhomes? How about up to 14 apartments? This property is zoned for both, with a maximum height allowance of 35 feet. Alternatively, design your dream home or even two! You could also renovate the existing 1,400 sqft 3-bedroom, 1.5-bath residence while capitalizing on its two oversized garages and onsite parking for up to 20 vehicles. There are two distinct architectural renderings: Townhouse Rendering - This concept showcases 5 custom townhomes, and 1 custom ADU, all designed in a modern coastal craftsman style. Each townhome is designed with balconies and two-car garages. This configuration could generate an estimated sale of more than $7 million. Apartment Rendering - This option presents 8 high-end custom apartments plus 2 custom ADU apartments. Each apartment includes a private balcony and a single-car garage equipped with an EV charger. Under this plan, the conservative rental income is estimated at $35,000 monthly and $420,000 annually. This development opportunity offers a wealth of possibilities: 1. Develop and Sell Build and sell all units for an immediate profit. 2. Develop and Rent Lease all units to generate steady rental income while benefiting from long-term appreciation and potential tax write-offs. 3. Build and Live Create your dream property, move into one unit, and rent the others. 4. Build and Retain Keep one or two townhomes for yourself, then sell the remaining units to offset your investment costs. 5. 1031 Exchange Use this opportunity to complete your 1031 exchange and defer capital gains taxes. Please ask Listing agent for Offering Memorandum or look in MLS documents. *Buyer to conduct their own due diligence with the County of Orange to confirm all development standards