111 38th Just three houses from the beach on Newport Beach's Balboa Peninsula, this beautifully renovated oceanview duplex combines quality, location and a proven rental track record. With two rare short-term rental permits and over $320, 000 in seller-reported gross rental income in 2025, along with multiple weeks reserved for the owner's personal use, this is an incredible opportunity to own an established coastal investment in a highly desirable beachside setting. Known as Ocean Breeze I and Ocean Breeze II, the two residences offer five bedrooms and three bathrooms in total. The first-floor residence features two bedrooms and one bathroom, while the second-floor residence offers three bedrooms and two bathrooms. Each has its own kitchen, living room and dining area, providing flexibility for vacation rentals, personal use or gathering family and friends with space and privacy. Bright interiors and tasteful renovations create a relaxed, welcoming atmosphere throughout both residences. Modern kitchens feature stainless steel appliances, wine refrigerators and islands with bar seating. Comfortable living and dining areas connect with inviting outdoor spaces, including an upper deck, a generous lower patio and an outdoor fire pit with built-in seating. From morning coffee to outdoor dining after a day at the beach, the property is designed to make the most of its coastal location. Two assigned parking spaces, one for each residence, make it easy to arrive, park and walk. The sand, surf and oceanfront boardwalk are close by, along with neighborhood restaurants, cafes and shopping. Enjoy bike rides along the Peninsula, dining near Newport Pier and exploring the boutiques and waterfront restaurants of nearby Lido Marina Village. Currently managed by AvantStay, the residences may be rented individually or together. Enjoy one while renting the other, bring both together for personal use, or continue operating the property as a vacation rental investment. The approximate cap rate is 4.2%, excluding potential rental income from owner-reserved weeks and other projected income increases. Short-term rental permits: SLP13962 and SLP13963. Buyer to verify all property information, rental financials, operating expenses, permit status and transferability.