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207 38th St 2 Unit Apartment Building Offered at $3,185,250 CAD at a 1% Cap Rate Newport Beach, CA 92663
Investment Highlights
- Steps to the Sand
- Prime Redevelopment Opportunity
- Exceptional Long-Term Land Value in a Supply-Constrained Market
- Vacant Front Unit – Immediate Upside
- Trophy Newport Beach Location
- Motivated Seller/Trust Sale
Executive Summary
Morgan Skenderian, Inc. is pleased to present 207 38th Street, a rare coastal investment opportunity located just steps from the beach in one of Newport Beach’s most sought-after neighborhoods. Situated on a ±2,375 square foot lot, the property offers a unique combination of in-place income and significant upside potential, making it well-suited for investors, developers, or owner-users.
The property consists of two 1-bedroom, 1-bathroom units, each approximately ±500 square feet. The front unit is currently vacant, providing immediate flexibility for renovation or occupancy, while the rear unit is leased on a month-to-month basis, allowing for optionality in repositioning or redevelopment timing.
Built in 1952, the existing improvements present an opportunity for a buyer to execute a comprehensive renovation program to create high-end coastal rentals, or to redevelop the site into a new custom residence or luxury multifamily property, subject to city approvals. With its premier beach-close location, walkability to local amenities, and strong underlying land value, 207 38th Street represents a compelling opportunity to capitalize on one of the most desirable coastal markets in Southern California.
The property consists of two 1-bedroom, 1-bathroom units, each approximately ±500 square feet. The front unit is currently vacant, providing immediate flexibility for renovation or occupancy, while the rear unit is leased on a month-to-month basis, allowing for optionality in repositioning or redevelopment timing.
Built in 1952, the existing improvements present an opportunity for a buyer to execute a comprehensive renovation program to create high-end coastal rentals, or to redevelop the site into a new custom residence or luxury multifamily property, subject to city approvals. With its premier beach-close location, walkability to local amenities, and strong underlying land value, 207 38th Street represents a compelling opportunity to capitalize on one of the most desirable coastal markets in Southern California.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$78,912
|
$78.91
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$2,367
|
$2.37
|
| Effective Gross Income |
$76,545
|
$76.54
|
| Taxes |
$35,963
|
$35.96
|
| Operating Expenses |
$13,636
|
$13.64
|
| Total Expenses |
$49,598
|
$49.60
|
| Net Operating Income |
$26,947
|
$26.95
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $78,912 |
| Annual Per SF | $78.91 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $2,367 |
| Annual Per SF | $2.37 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $76,545 |
| Annual Per SF | $76.54 |
| Taxes (CAD) | |
|---|---|
| Annual | $35,963 |
| Annual Per SF | $35.96 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $13,636 |
| Annual Per SF | $13.64 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $49,598 |
| Annual Per SF | $49.60 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $26,947 |
| Annual Per SF | $26.95 |
Property Facts
| Price | $3,185,250 CAD | Apartment Style | Garden |
| Price Per Unit | $1,592,625 CAD | Building Size | 1,000 SF |
| Sale Type | Investment | Average Occupancy | 50% |
| Cap Rate | 1% | No. Stories | 1 |
| Gross Rent Multiplier | 40.36 | Year Built | 1952 |
| No. Units | 2 | Parking Ratio | 2/1,000 SF |
| Property Type | Multifamily |
| Price | $3,185,250 CAD |
| Price Per Unit | $1,592,625 CAD |
| Sale Type | Investment |
| Cap Rate | 1% |
| Gross Rent Multiplier | 40.36 |
| No. Units | 2 |
| Property Type | Multifamily |
| Apartment Style | Garden |
| Building Size | 1,000 SF |
| Average Occupancy | 50% |
| No. Stories | 1 |
| Year Built | 1952 |
| Parking Ratio | 2/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $3,288 CAD | 500 |
1 1
Moderately walkable
60/100
Moderately drivable
60/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 423-308-10 | Total Assessment | $444,958 CAD |
| Land Assessment | $382,383 CAD | Annual Taxes | $35,963 CAD ($35.96 CAD/SF) |
| Improvements Assessment | $62,575 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
423-308-10
Land Assessment
$382,383 CAD
Improvements Assessment
$62,575 CAD
Total Assessment
$444,958 CAD
Annual Taxes
$35,963 CAD ($35.96 CAD/SF)
Tax Year
2025
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207 38th St
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