[IMGCAP(2)]Paul A. Bitonti of the Newport Beach office of Marcus & Millichap, who has the listing along with fellow vice president Jack Hopkins of the firm's Newport Beach office, tells GlobeSt.com that the site is one of the largest undeveloped waterfront properties in Southern California—if not the largest—and he describes the property as "irreplaceable." Located at the southwest corner of Marina Drive and First Street, the property is near the main beach and pier and walking distance to restaurants and shopping.

Bitonti points out that the property not only includes ownership of beach access, it includes rights to 110 feet along the San Gabriel River, a rare if not unique combination of ownership and access rights. The City of Seal Beach has the property zoned for a hotel, but some of the other development possibilities for the property might be as high-end luxury homes or multi-family projects, according to Bitonti.

An obvious question regarding any such undeveloped property along the Southern California coastline is how it has gone undeveloped so long. Bitonti explains that the acreage was owned for many years by the Department of Water and Power, which sold it to an investor group about eight years ago. The members of the investor group are not developers, and they have decided to sell the land.