Ideally situated on the coveted 400 block of Fernleaf Ave, this original 1950s cottage offers a unique investment opportunity for either developers or those looking to build their dream home. This property is zoned R-2 (Two-Unit Residential) and is on a 30-foot-wide lot which allows either a single-family home or duplex to be built. The current cottage has three beds, two baths, and a detached two-car garage – a total lot size of 3,540 square feet. The purchase price includes plans by the prestigious Mark Teale of Teale Architecture. The meticulously planned duplex is set to feature a 1,900 square foot, three bed, three bath front home, as well as a rear home of 1,230 square feet, featuring 2 beds and two and a half baths. Plans are fully paid for and have been submitted to the City of Newport Beach for approval. Do not miss out on an impeccable chance to own on one of the most promising, exclusive, and walkable streets in all of Corona del Mar. Live the true CdM lifestyle with close access to the Goldenrod footbridge, less than two blocks to Begonia Park, world-class beaches, and renowned shopping. Enjoy diverse and state-of-the-art dining such as Zinc Café, Bandera, Quiet Woman, and the historic Five Crowns, all just steps away from this surreal location.