RARE on the Market! A Multi-unit property located in a PRIME location as one of the largest zoned lots on the peninsula, only 2 houses from the beach on the 100 Block on the Balboa Peninsula of Newport Beach. Just steps to the Surf & Sand, restaurants, piers, entertainment, parks, trails and shopping. This property has been recently improved with a new composition roof, new front balcony deck, fresh exterior and interior paint, new copper plumbing throughout and many more cosmetic improvements. The upper unit features 4 bedroom/2 bathrooms with a peek a boo view of the ocean/Catalina Island from the new balcony deck. This unit also has a 2nd balcony deck off of the back bedroom. The lower unit is a 2 bedroom / 1 bathroom with an extra large patio of approximately 675 sq ft. that is great for entertaining. With the large lot, it accommodates parking for 4 cars (2 car garage, 1 carport and an extra parking spot outside the garages). This duplex is currently zoned and permitted for Short Term Rental with a successful history of 20 plus years of returning guests. This treasure generates an average of $150,000/yr gross revenue. It has many options for a new buyer to either live in one unit and rent the other; take advantage of the successful turn key Short Term Rental; or rezone as a single family home and rebuild to your liking. The opportunities are many! A MUST SEE!