887 West 15th Street

• 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

Property Description

The 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.