Earn instant equity with approved plans to add a third floor! This property is located in a prime location on the desirable Balboa Peninsula and offers an opportunity to double the value of your investment in just 8 months. The approved plans show a new roof, new siding, new inside laundry room on the 2nd floor, new bi-fold doors, new windows, and a new glass elevator that will access all three floors. The third floor addition will include a fifth bedroom and full bath, a large California room with beautiful glass walls that open to arguably the largest roof deck in the area. The rooftop terrace will be perfect for entertaining with its covered and uncovered lounging areas, outdoor kitchen, fire pit, and hot tub, all with iconic views of Newport Harbor spanning from Mt. Baldy down to the Corona Del Mar coastline. This Cape Cod Contemporary home currently features a large open concept great room and dining area, deluxe chef’s kitchen with a 60-inch Viking range, Sub Zero refrigerator, and large island. The second floor is highlighted by a master bedroom suite with stunning views of the bay, a generous sitting area, a fireplace, and a wine refrigerator. Two spacious en suite bedrooms and a bedroom/office complete the second level. Finally, the property offers direct access to your private beach and dock that can accommodate a 60 ft boat. Don't miss out on this incredible opportunity. Call now to get access to the full set of plans and see the property.