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507 29th Street

Newport Beach, CA 92663
  • $3,695,000
  • STATUS: Active
  • ON SITE: 151 Days
  • ID#: OC24007802
UPDATED: 72 min ago
$3,695,000
  • 0
    BEDS
  • 0.07
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1989
County:

School Ratings & Info

Listing Agent(s): Larry Birnbaum of LMB Enterprises (714-655-8108)


Description

Iconic, mixed-use 2-unit building located in Newport Beachs popular Cannery Village. This Mediterranean-style property offers one residential unit and one commercial office/retail space. Upstairs you will find an extremely large residential unit consisting of 4 bedrooms, 3 of which are en suite, and 3.5 bathrooms. THIS RESIDENTIAL UNIT HAS A SHORT-TERM LODGING PERMIT and is currently being used as a short-term rental. It is a generous 2,117 square feet and boasts peek-a-boo water views of the harbor from the living room and large front sundeck. Updated and remodeled throughout with thoughtfulness to preserve some of the original elements of the vibrant property. A perfectly placed center atrium brings an abundance of natural light into the center of the home. Vaulted ceilings, skylights, and open spaces give a sense of vastness. There is a laundry room conveniently located in the hallway. The primary bathroom has an oversized operable skylight that can be opened for natural air circulation. This residential unit has 2 dedicated garage spaces that are tandem parked. Downstairs you will find a versatile commercial office/retail space that is approximately 1,000 square feet. There is a dedicated bathroom for the commercial space and in the rear, you will find 4 car parking with easy access off the alley. It is currently leased as office space at $3,200 per month with the end of the lease term in mid-June, 2025. You cannot ask for a better location! Centrally located in the heart of the Balboa Peninsula within the charming Cannery Village. The oversized lot size of this property is slightly wider than the typical 30-foot-wide standard lot size found in this area. Most of the mixed-use properties located nearby have a live/work deed restriction that requires the same owner to occupy the residential unit as well as run the downstairs commercial business. This property does NOT have that deed restriction. This means that each unit can be occupied by a completely separate and independent party. Note: The Seller would like to do Seller-Financing for qualified Buyers on terms that are favorable and agreeable to all parties.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-16T19:31:48.303. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Mainstreet Realtors®. Licensed in the State of California, USA.
www.mainstreetgroup.com/homes/146691143
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507 29th Street Newport Beach, CA 92663

  • Price: $3,695,000
  • Status: Active
  • On Site: 151 Days
  • Updated: 72 min ago
  • ID#: OC24007802
0
Beds
0
Baths
0
½ Baths
0.07
Acres
1989
Built
Neighborhood:
,Cannery Village
County:
Orange
Area:
N8 - West Newport - Lido
Property Description
Iconic, mixed-use 2-unit building located in Newport Beachs popular Cannery Village. This Mediterranean-style property offers one residential unit and one commercial office/retail space. Upstairs you will find an extremely large residential unit consisting of 4 bedrooms, 3 of which are en suite, and 3.5 bathrooms. THIS RESIDENTIAL UNIT HAS A SHORT-TERM LODGING PERMIT and is currently being used as a short-term rental. It is a generous 2,117 square feet and boasts peek-a-boo water views of the harbor from the living room and large front sundeck. Updated and remodeled throughout with thoughtfulness to preserve some of the original elements of the vibrant property. A perfectly placed center atrium brings an abundance of natural light into the center of the home. Vaulted ceilings, skylights, and open spaces give a sense of vastness. There is a laundry room conveniently located in the hallway. The primary bathroom has an oversized operable skylight that can be opened for natural air circulation. This residential unit has 2 dedicated garage spaces that are tandem parked. Downstairs you will find a versatile commercial office/retail space that is approximately 1,000 square feet. There is a dedicated bathroom for the commercial space and in the rear, you will find 4 car parking with easy access off the alley. It is currently leased as office space at $3,200 per month with the end of the lease term in mid-June, 2025. You cannot ask for a better location! Centrally located in the heart of the Balboa Peninsula within the charming Cannery Village. The oversized lot size of this property is slightly wider than the typical 30-foot-wide standard lot size found in this area. Most of the mixed-use properties located nearby have a live/work deed restriction that requires the same owner to occupy the residential unit as well as run the downstairs commercial business. This property does NOT have that deed restriction. This means that each unit can be occupied by a completely separate and independent party. Note: The Seller would like to do Seller-Financing for qualified Buyers on terms that are favorable and agreeable to all parties.
Exterior Features

Architectural Style Mediterranean Carport Spaces 4 Carport YN Yes Direction Faces South Entry Level 1 Entry Location Front door Foundation Details Slab Lot Features LevelZero Lot Line Number Of Separate Electric Meters 2 Open Parking Spaces 0 Parking Features CarportGarageOn SiteTandem Parking Total 6 Pool Features None Pool Private YN No Property Attached YN No Road Frontage Type City Street Road Surface Type Paved Spa Features None Spa YN No View BayHarborWater View YN Yes Waterfront Features Beach AccessOcean Access

Interior Features

Common Walls No Common Walls Cooling None Cooling YN No Fireplace Features Living RoomPrimary Bedroom Fireplace YN Yes Flooring CarpetTile Heating Central Heating YN Yes Interior Features Cathedral Ceiling(s)All Bedrooms UpMain Level Primary

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Common Interest None Community Features SidewalksWater Sports Contingency Seller is open to Seller-Financing. Garage YN Yes Gross Income 219000 Gross Scheduled Income 219000 Insurance Expense 0 Land Lease YN No Laundry Features InsideLaundry RoomUpper Level Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New LoanConventional1031 ExchangeFannie MaeOwner Will CarryPrivate Financing Available Net Operating Income 191700 New Construction YN No Number Of Separate Gas Meters 2 Number Of Separate Water Meters 1 Number Of Units Leased 2 Operating Expense 27300 Possession Close Of Escrow Property Condition Turnkey Property Sub Type Duplex Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 0 Water Sewer Expense 0 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-16T19:31:48.303. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Mainstreet Realtors®. Licensed in the State of California, USA.
 
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Mainstreet Realtors®
8577 Haven Ave, Suite 100
Rancho Cucamonga CA, 91730
Listing Agent(s): Larry Birnbaum of LMB Enterprises (714-655-8108)