Todd Glaser Acquires $8.9M Waterfront House In Newport Beach From Kimberly Bibb
1411 East Bay Avenue
$8,975,000
$3,522/SF
Building Size
2,548 SF
Asset Type
Single Family
Closing
Jan 31, 2024
AI
A waterfront house in Newport Beach, California has been sold for $8,975,000. The property, located at 1411 East Bay Avenue, is a single-family home built in 1946. It offers 2,548 square feet of living space and features four bedrooms. The house includes private beach access and a dock, making it an ideal residence for those who appreciate waterfront living.
Summary of transaction details
- Property Type: Single Family
- Transaction Amount: $8,975,000
- Square Footage: 2,548
- Address: 1411 East Bay Avenue, Newport Beach, California
- Market: Newport Beach
Todd Glaser, a Florida developer, purchased the property for his summer residence. Represented by Kimberly Bibb and Douglas Elliman's Joshua Altman and Matthew Altman, Glaser plans to renovate the house to suit his needs. However, he remains hesitant about expanding his projects to California due to tax concerns. This acquisition showcases Glaser's interest in investing in prestigious waterfront properties.
Players
Newport Beach Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.77%
Cash-on-Cash
-0.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93