Waterfront Investment Opportunity located on the prestigious Balboa Peninsula offering magnificent views of the iconic Newport Harbor. This property is perfect for those seeking the opportunity to create instant equity and significantly increase their ROI. Plans are included for a 3rd floor addition consisting of a 5th bedroom, 5th bathroom and large bonus room behind folding glass doors that open to arguably the largest roof deck in the area. The magnificent 1,000+ sq. ft. rooftop terrace will truly be an entertainer's dream with its multiple covered and uncovered lounging areas, outdoor kitchen, fire pit and swim spa overlooking the Newport Harbor, Corona Del Mar Coastline and snow capped mountains. Short Term Rental Permits are allowed for this property and an application is already in progress. The current floor plan features a large open concept Great Room and dining area, deluxe chef’s kitchen with 60 inch Viking range, Sub Zero refrigerator, stone countertops with classic white cabinets, large island and separate bar seating. Upstairs you will find the Primary suite and its generous sitting area, fireplace, wine refrigerator, luxurious spa bathroom, two large walk-in closets and private balcony offering breathtaking views of the Harbor. The downstairs patio is great for entertaining with a seating area, fire pit table and direct access to your own private beach. Boating aficionados will love the 16 ft wide private dock that can accommodate a 65 ft vessel with extra room for a Duffy and water toys. The ability to maximize your investment and build instant equity completes this rare offering, making 421 E. Edgewater the best option out there for any discerning buyer, developer or investor.