A great development opportunity. Priced to sell! Build a new custom home in one of the most desirable neighborhoods on the Newport Beach peninsula. While designing your perfect home, enjoy beach living in this charming beach studio. Located on the Peninsula Point on a quiet, tree-lined street just steps from the ocean. The home features a spacious, open area with a large picture window, cozy fireplace, ceiling fan and vaulted ceiling. French doors lead to the private, grassy back yard and covered patio, which is great for relaxation, unwinding and entertaining. The kitchenette offers a refrigerator, microwave and dinette. Never struggle finding parking with a convenient 3-car garage accessed from the backyard. Enjoy beach life every day with strolls on the sand and quaint eateries surrounding the nearby Balboa Pier.