A terrific opportunity to own a rarely available "Oceanaire" just steps from the sand on the Balboa Peninsula. Bring your imagination and architect/designer to this property with unlimited potential and peek-a-boo ocean views. Presently configured as two units the lower level has two bedrooms and one bath and an extra large front patio for entertaining. Upstairs, there is a three bedroom, one bath unit with a rear patio and a sunny front terrace. Laundry is on-site in a separate room with access from the side of the property. Parking is a three-car carport which could easily be converted into an enclosed garage. Remodel both units to capitalize on the ocean-close rental market, or convert to a Single Family with attached ADU. There are multiple options given the large lot size of 3289 sft. Surf, sand, terrific restaurants, and shops are all within easy walking distance of this prime Newport Beach location.