421 E Edgewater EARN INSTANT EQUITY WITH APPROVED PLANS TO ADD A THIRD FLOOR! Perfectly situated on the coveted Balboa Peninsula, this property offers a fantastic opportunity that will actually double the value of your investment in just 8 months. APPROVED PLANS include a new roof, new siding, new inside laundry room on 2nd floor, new bi-fold doors, new black windows and a new glass elevator to all three floors. The addition on the third floor will have a fifth bed and full bath, large California room with disappearing glass walls that open to arguably the largest roof deck in the area. The magnificent rooftop terrace will be an entertainer's dream with its covered and uncovered lounging areas, outdoor kitchen, fire pit and hot tub overlooking the Newport Harbor. This Cape Cod Contemporary home currently features a large open concept great room and dining area, deluxe chef’s kitchen with 60 inch Viking range, Sub Zero refrigerator and large island. The second floor is highlighted by a gracious master bedroom suite with stunning views of the bay, a generous sitting area, fireplace, and wine refrigerator. Two spacious en suite bedrooms and a bedroom/office complete the second level. Last but certainly not least, you will have direct access to your private beach and private dock capable of accommodating a 65 foot boat and a Duffy. Don't let this opportunity pass you by, call now to get access to the full set of plans and to see the property.