Description

A RARE OPPORTUNITY FOR BUILDERS, DEVELOPERS, AND INVESTORS!! A 32,286 SQ FT LOT LOCATED IN THE HIGHLY SOUGHT OUT AREA OF NEWPORT BEACH, OFF PCH AND SUPERIOR AVE, IS NOW AVAILABLE FOR PURCHASE! THE MOST VALUE IS IN ITS LAND, LOT SIZE, LOCATION, AND FUTURE USE. IT CURRENTLY HAS A 10,000 SQ FT MEDICAL BUILDING, 6 UNITS TOTAL, 4 UNITS LOCATED IN THE SINGLE-STORY SIDE OF THE BUILDING AND 2 UNITS LOCATED IN THE TWO-STORY SIDE OF THE BUILDING. THE LOT IS CURRENTLY ZONED FOR MEDICAL COMMERCIAL USE. THE LOT WAS ORIGINALLY ZONED AS A MULTIPLE UNIT RESIDENTIAL (RM 18 DU/AC). ON DECEMBER 8,2011, AMENDMENTS TO THE GENERAL PLAN AND ZONING MAP TO CHANGE THE LAND USE DESIGNATION FROM (RM 18 DU/AC) TO MEDICAL COMMERCIAL OFFICE (CO-M 0.49 FAR); AND CHANGE THE ZONING DISTRICT DESIGNATION FROM MULTIPLE UNIT RESIDENTIAL (RM2420) TO OFFICE MEDICAL (CO-M 0.49 FAR) WERE INITIATED BY THE OWNER, WHO SOUGHT TO CONTINUE THE EXISTING OFFICE USE OF THE PROPERTY. THE LAND USE MAY BE REZONED TO ITS PRIOR USE, WITH FUTURE POSSIBILITIES TO BUILD MORE HOUSING, OR A RESIDENTIAL CARE FACILITY, CONVENIENTLY LOCATED CLOSE TO THE BEACH, WITH PARKS NEAR BY, NEWPORT HARBOR, BALBOA BAY AND IS CONVENIENTLY LOCATED DOWN THE STREET FROM HOAG HOSPITAL. IT MAY ALSO REMAIN IN ITS CURRENT ZONE USE, WITH RENOVATIONS TO THE EXISTING BUILDING, MAXIMIZING ITS MEDICAL USE POTENTIAL FOR HIGHER REVENUES.