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Completed in 2023 and spanning approximately 4,760 square feet, the property consists of two beautifully designed residences, each offering approximately 2,380 square feet with five bedrooms and six bathrooms across three thoughtfully designed levels.\r\n\r\n506 was well thought out, offering en-suite bedrooms, inviting fireplaces, and expansive sliding glass doors that create a seamless connection between indoor and outdoor spaces. Private balconies extend from the primary suites and main living areas, while expansive rooftop decks with east and west exposures provide the perfect setting for entertaining, enjoying the ocean breeze, and taking in spectacular coastal sunsets.\r\n\r\n Live in one and generate income from the other, maintain a combination of short- and long-term rentals, or operate the property entirely as an investment\u2014the flexibility here is exceptionally difficult to replicate in Newport Beach.\r\n\r\nUnit A holds a coveted Newport Beach short-term rental permit and has demonstrated impressive rental performance. From January through May 2026, Unit A generated approximately $150,000 in gross rental revenue. Summer is traditionally an even stronger rental period, with June through August historically generating approximately $28,000 per month in net income.\r\n\r\nUnit B is currently leased at $15,000 per month under a two-year lease, providing the property with an established long-term income stream alongside Unit A's short-term rental potential.\r\n\r\nFor an owner-user, the opportunity is equally compelling: occupy one luxury residence while the neighboring unit produces significant income. For an investor, the combination of an existing long-term lease, an active short-term rental permit, and two nearly new luxury residences creates multiple avenues for income and long-term value.\r\n\r\nThe location completes the offering. 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Completed in 2023 and spanning approximately 4,760 square feet, the property consists of two beautifully designed residences, each offering approximately 2,380 square feet with five bedrooms and six bathrooms across three thoughtfully designed levels.\r\n\r\n506 was well thought out, offering en-suite bedrooms, inviting fireplaces, and expansive sliding glass doors that create a seamless connection between indoor and outdoor spaces. 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Summer is traditionally an even stronger rental period, with June through August historically generating approximately $28,000 per month in net income.\r\n\r\nUnit B is currently leased at $15,000 per month under a two-year lease, providing the property with an established long-term income stream alongside Unit A's short-term rental potential.\r\n\r\nFor an owner-user, the opportunity is equally compelling: occupy one luxury residence while the neighboring unit produces significant income. For an investor, the combination of an existing long-term lease, an active short-term rental permit, and two nearly new luxury residences creates multiple avenues for income and long-term value.\r\n\r\nThe location completes the offering. 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An impressive entry welcomes you into the meticulously maintained home, where a thoughtfully designed open floor plan maximizes the remarkable views. White oak flooring extends throughout the main level, while a wall of multi-slide Fleetwood doors opens to an expansive harbor-facing deck, connecting the interior with the outdoors. The living room is anchored by an oversized fireplace with a modern concrete surround and a striking beamed ceiling. The spacious dining area flows directly into the beautifully appointed kitchen, designed for entertaining and everyday living. A substantial center island features waterfall-edge quartz countertops, while premium stainless-steel appliances include a built-in side-by-side refrigerator, under-counter microwave, and 48-inch Wolf range with professional-grade hood. Custom cabinetry, open shelving, and a book-matched marble slab backsplash complete the space. 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An impressive entry welcomes you into the meticulously maintained home, where a thoughtfully designed open floor plan maximizes the remarkable views. White oak flooring extends throughout the main level, while a wall of multi-slide Fleetwood doors opens to an expansive harbor-facing deck, connecting the interior with the outdoors. The living room is anchored by an oversized fireplace with a modern concrete surround and a striking beamed ceiling. The spacious dining area flows directly into the beautifully appointed kitchen, designed for entertaining and everyday living. A substantial center island features waterfall-edge quartz countertops, while premium stainless-steel appliances include a built-in side-by-side refrigerator, under-counter microwave, and 48-inch Wolf range with professional-grade hood. Custom cabinetry, open shelving, and a book-matched marble slab backsplash complete the space. Extending across the width of the home, the main-level deck provides space for dining and entertaining with views across Newport Harbor, Catalina Island, and the surrounding coastline. A secondary bedroom and full bathroom complete this level. Accessible by elevator, the lower level encompasses the remaining bedroom suites and additional living spaces. The oversized primary suite offers a private retreat with an adjoining loft ideal for an office, sitting area, or potential fourth bedroom. A pocket Fleetwood door provides added privacy between spaces. The spa-inspired primary bathroom features a freestanding soaking tub, walk-in shower, and generous wraparound closet with direct access to the laundry room. An additional en-suite bedroom opens to a second expansive deck spanning the width of the residence. A guest bathroom and wet bar complete the lower level, ideal for both everyday living and entertaining. 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