Location Summary

• According to the 2000 US Census, Balboa Island is one of the densest communities in Orange County. Approximately 3,000 residents live on just 0.2 square miles (0.52 km2) giving it a population density of 17,621 person per square mile—higher than that of San Francisco.[9] Despite having some of the country's most expensive homes, most of the dwellings are on small lots. A lot size on Balboa Island is 30 feet x 85 feet. In 2008 "teardowns" on interior lots of that size were going for $2,000,000. As times change some of the lots are being cobbled together into 1.5 or 2.0 sized lots for larger homes. The island grew slowly at first, but in 1916, it became part of the City of Newport Beach. In 1918 the Balboa Island Improvement Association was started (and is still going strong). The BIIA was a strong motivating force in working with the City on bulkhead repair, ferry service, a sewer system, water, gas, electricity, paved streets and sidewalks, and street lighting. In those early days (1919), water for the Island came from the famous "Wooden Water Tower" built on Agate St. (removed in 1929). In 1920, Park Avenue was the only paved road on the Island. People had outhouses behind their houses as there was no sewer, and some buried their trash in vacant lots. In 1920, a gas utility came to the Island providing heating, cooking, and lights. By 1921, homes were beginning to fill in the Island and Balboa Peninsula. Roads to the Newport Harbor area were still largely undeveloped, and many people still arrived by rail to the peninsula and took the ferry over to the island. Balboa Island is one of the most expensive real estate markets in North America outside of Lower Manhattan. A two-bedroom house with a water view from the living room can cost about $3 million.
• The subject property is located on corner of Marine Ave. and Balboa Ave., directly across the street from Starbucks which has been there over ten years. Consequently, this property has the best location on Marine Avenue. This was a major factor when determining the valuation of this property. The front 1,536 square foot unit could easily be divided into two units, in fact at one time it was two units. The rear unit currently used by Debra Huse Gallary, while not facing Marine Ave., can still be seen from Marine Avenue. The likely buyer would be an Owner/User.