887 West 15th Street

887 West 15th Street, Newport Beach, CA 92663

  • For Sale $10,000,000
  • Property Type Multi-Family
  • Property Size 15,622 SF
  • Units 16
  • Lot Size 0.5 Acre
  • Year Built 1989
  • Date Updated Apr 30, 2024
N/AThe Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 887 West 15th Street, 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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Highlights

  • First Time on the Market in More Than 20 Years
  • The Only Active Listing in Newport Beach of 5 or More Units
  • Five Renovated Units & Three Partially Renovated Units
  • Substantial Rental Upside
  • Highly Desirable Two-Bed/Two-Bath Units, Each with a Private Patio or Balcony
  • An On-Site Laundry Facility
  • Covered & Surface Parking
  • Moments Away from Hoag Hospital & the Balboa Peninsula
  • Substantial Affordability Gap Between Renting & Owning Drives Strong Rental Demand

Contacts

broker

Nick Kazemi

The Leeson Group Marcus & Millichap

(949) 419-3333

Location

Getting Around

  • Walk Score ®

    81/100 Very Walkable

  • Transit Score ®

    38/100 Some Transit

  • Bike Score ®

    58/100 Bikeable
Powered by Walk Score ®
  • City Newport Beach, CA
  • Neighborhood West Newport Beach
  • Zip Code 92663
  • Market Orange County

Points of Interest

  • Tustin Metrolink Station

    9.27 miles

  • Tustin

    9.28 miles

  • Santa Ana

    9.66 miles

  • Superior Car Wash & Detail Center

    0.21 miles

  • 76

    0.22 miles

  • Exxon

    0.84 miles

  • Express

    1.04 miles

  • Mobil

    1.07 miles

  • 76

    1.54 miles

  • EV Chargepoint

    1.65 miles

  • True Zero

    1.71 miles

  • 76

    1.85 miles

  • Chevron

    2.23 miles

  • Pool House Parking

    0.37 miles

  • Villa Balboa Cagney Ln. Parking A

    0.38 miles

  • Sunset Parks Parking Lot

    0.41 miles

  • Dolphin Parking Structure

    0.46 miles

  • Physician & Staff Parking

    0.47 miles

  • Patient Parking

    0.49 miles

  • Advanced Technology Pavilion Parking

    0.50 miles

  • Royal Thai Valet Parking

    0.52 miles

  • Adams Lot

    3.36 miles

  • Adams 33

    3.43 miles

  • Hotel California

    0.58 miles

  • Newport Channel Inn

    0.71 miles

  • Hotel Solarena, Bw Premier Collection

    0.77 miles

  • Ramada Costa Mesa/Newport Beach

    0.84 miles

  • Lido House

    0.91 miles

  • Holiday Inn Express

    1.09 miles

  • Little Inn By The Bay

    1.17 miles

  • Newport Beach Hotel, A Four Sisters Inn

    1.33 miles

  • Doryman's Oceanfront Inn

    1.45 miles

  • Bay Shores Peninsula Hotel

    1.56 miles

  • The Alley

    0.46 miles

  • Jack in the Box

    0.46 miles

  • Mario's Pizza - A Taste of Italy

    0.47 miles

  • Fuji Yama

    0.47 miles

  • Flame Broiler

    0.48 miles

  • Chronic Tacos

    0.49 miles

  • Donuts & Bakery

    0.49 miles

  • Royal Thai Cuisine

    0.51 miles

  • The Chicken Coop

    0.58 miles

  • Carl's Jr.

    0.62 miles

  • Coastline Community College

    0.19 miles

  • Whittier Elementary School

    0.85 miles

  • Newport Heights Elementary School

    0.96 miles

  • Ensign Intermediate School

    1.31 miles

  • School of Sailing and Seamanship

    1.31 miles

  • Pomona Elementary School

    1.49 miles

  • Newport Harbor High School

    1.52 miles

  • McNally School

    1.54 miles

  • Rea Elementary School

    1.55 miles

  • Harper School

    1.58 miles

  • Environmental Nature Center Nature Preschool

    1.71 miles

  • KinderCare

    5.09 miles

  • KinderCare

    5.69 miles

  • University Montessori

    5.77 miles

  • Carden Conservatory

    8.62 miles

  • KinderCare

    8.88 miles

  • Kinderland Academy

    9.02 miles

  • Boys & Girls Club of Tustin

    9.84 miles

Frequently Asked Questions

What is the lease rate for 887 West 15th Street?

Rental asking rate at 887 West 15th Street is $5,000,000.00/YR.

What is the total square footage of 887 West 15th Street?

887 West 15th Street totals 15,622 square feet.

When was this property built?

887 West 15th Street was built in 1989.

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Contact Listing Broker

broker

Nick Kazemi

The Leeson Group Marcus & Millichap

(949) 419-3333