A rare harbor-view opportunity in the heart of Corona del Mar, 2516 Bayside Drive combines immediate income potential with a fully approved, permit-ready path to an exceptional new custom residence. Positioned on an approximately 3,540-square-foot lot, the property enjoys prominent harbor views and additional on-site parking while currently offering two 2-bedroom, 2-bath residences plus a studio, with projected gross rental income of approximately $14,000 per month, or $168,000 annually. Two of the three units are currently vacant, with only the larger 2-bedroom residence tenant-occupied, providing a future owner with added flexibility for leasing, personal use, or future redevelopment while determining the optimal timing for construction. The property's defining opportunity is its fully approved architectural plans for an approximately 3,500-square-foot, three-level contemporary single-family residence, with the building permit ready for pickup. Originally designed by Brandon Architects and subsequently completed and finalized by Horst Architects, the residence has been thoughtfully conceived to maximize the property's harbor views and exceptional coastal setting. Renderings included in the listing photos are conceptual architectural renderings of the approved proposed residence and are provided for illustrative purposes only. The sophisticated design features expansive glazing and seamless indoor-outdoor living, a dramatic great room with fireplace, and a large eat-in kitchen with island and pantry. The residence offers four full bedrooms and four full bathrooms, including en-suite secondary bedrooms and a luxurious primary suite with fireplace and walk-in closet, plus two additional powder rooms one conveniently located on the main level and another on the rooftop. Additional highlights include an elevator, two-car garage, expansive outdoor living areas, and a spectacular rooftop entertaining deck complete with a covered cabana and powder room. Unlike a typical development opportunity requiring a lengthy architectural, entitlement, and approval process, 2516 Bayside offers the flexibility of income today together with a substantially advanced path toward creating a new luxury residence. Harbor views. Immediate income potential. Two units currently vacant. Fully approved plans. Building permit ready for pickup. An exceptional opportunity to create a signature coastal residence in Corona del Mar.