Nice job, man. I have a new place of my own up in one of the South Bay beach cities. I might not stay all that long if I'm moving to the Bay Area though.
This reminds me of a pad a few college friends and I once rented. It was the presidential suite of an apartment complex on the King's Harbor up in Marina del Rey. Beautiful, had 5 bedrooms and was ideal for throwing parties especially with campus not too far (where there's not much happening on the weekends anyway). We all pitched in, but there's one guy in particular who had fat pockets and he paid off most of it.
I can't say I'm crazy about houses/apartments right on the doorstep of the beach. Could be an easy target for beach flooding, which is one thing I wouldn't like. Newport has a lot of these kinds of houses but I'd rather have my place up on higher ground and have the beachside view.