A small, two-story Balboa Island home in Newport Beach with a rare, short-term rental permit is on the market for $3.785 million. Within its 904 square feet are two bedrooms and two bathrooms.

The island previously had around 58 benches made of teak and 53 of jatoba wood, also known as Brazilian cherry, but the expected cost of their refurbishment was expensive — close to $700,000.

Stairs leading from a dock on Balboa Island in Newport Beach are partially underwater as a high tide threatened to breach walls around the island in 2012. Newport Beach is trying to figure out a ...