Many would say the Balboa Peninsula & Newport Harbor are the Jewel of the Southern California coastline. Oceanfront homes along the sand have gorgeous sunset views and support a plethora of activities from surfing, swimming, beach games, bike riding, sunbathing, and strolls along the sand. Waterfront homeowners enjoy these activities but also have access to the bay for kayaking, paddle boarding, and boating activities… Catalina Island is only 30 miles away, and cruising the coastline offers the opportunity to enjoy beautiful scenery and sea life. The property is located along the waterfront in an area known as the Balboa Peninsula and just 3 blocks from the sand. The site is occupied by 1,782 square foot single family dwelling built in 1945 with 3 bedrooms, 2 baths, & 2 car garage. The lot is 28.57 feet wide and 100 feet deep. The site fronts River Avenue and backs to the Rivo Alto Waterway which is 100 feet across. The site appears to be developable for a 3-story single family residence of approximately 2,900 square feet, with boat dock, waterfront patio, 2 car garage, and rooftop living space. Sales comparables & active listings for new(er) homes in the area support a sale price of $5,000,000 to $5,500,000 depending on the size, design merits, and finish quality of the New Structure. The seller has Preliminary Architectural Plans, Drainage & Grading plan, Landscaping Plan, Coastal Hazard Analysis Report, and Sea Wall Report. Remodel it or rebuild, R2 Zoning per City!