Situated on the highly sought-after “Quiet End” of Balboa Island, 118 Emerald Avenue represents a truly rare opportunity to own in one of the island's most desirable and tightly held locations-less than one block from the harbor and south bayfront. This is one the last remaining original beach cottage on the 100 Block of Emerald, offering a unique blend of classic coastal charm, immediate usability, and long-term upside potential. Properties of this caliber and positioning seldom come to market. Currently configured as a duplex with two active short-term rental permits, the property provides exceptional flexibility for both personal enjoyment and income generation. The front unit is a charming single-story 2-bedroom, 1-bath coastal cottage, featuring a spacious front patio framed by a white picket fence-ideal for relaxing, entertaining, and enjoying the quintessential Balboa Island lifestyle. The rear unit offers a 3-bedroom, 2-bath split-level layout, complemented by a private 2-car garage, vaulted spatial flow, and functional separation for guests, tenants, or extended family. Both units are move-in ready, allowing for immediate occupancy or rental income. Alternatively, this property presents a compelling opportunity to design and build a custom luxury residence in an A+ location with enduring value.