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501 Park Avenue, Newport Beach, CA 92662
$5,950,000
501 Park Avenue, Newport Beach, CA 92662View this property at 501 Park Avenue, Newport Beach, CA 92662
501 Park AvenueNewport BeachCA92662
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Property Description
THE PROPERTY: Welcome to your slice of paradise on Balboa Island in Newport Beach! This exquisite property offers an unparalleled opportunity to own a top-performing restaurant with two stunning apartments above, all completely rebuilt to perfection in 2015.
THE RESTAURANT: Step into the heart of culinary excellence as you enter the spacious and inviting restaurant and bar area. Bathed in natural light pouring through large windows, this space exudes warmth and charm. With ample room for indoor and outdoor seating and a meticulously designed kitchen equipped with top-of-the-line appliances, it's a dream canvas for creativity.
THE LOCATION
Situated in the heart of Balboa Island, this property enjoys a prime location in one of Newport Beach's most coveted neighborhoods. Surrounded by quaint shops, charming cafes, and scenic waterfront vistas, residents and visitors alike are drawn to the vibrant energy and unparalleled beauty of this coastal community. With easy access to the Balboa Island Ferry, nearby beaches, and an array of recreational activities, the possibilities for adventure and relaxation are endless.
Full Property Details
Full Property Details for 501 Park Ave
General
- Price: $5,950,000
- Status: Active
- Type: Commercial Multi-Family
- MLS ID: OC24091109
- Updated: 5/10/2024
- Days on Market: 14 days
- Added to Site: 14 day(s) ago
Rooms
Other Rooms
- Laundry: None
Location
- County: Orange
- Driving Directions: Corner of Park Avenue and Agate near the Balboa Island Ferry
Heating & Cooling
- Cooling Type: Central Air
- Heating Type: Central
Structural Information
- # Buildings: 1
- Entry Floor Number: 1
- Stories/Levels: 2
- Building Size: 5080
- Square Feet: 5,080
- Retail: 3,197 Sq. Ft.
- Year Built: 2015
- Year Built Source: Builder
Lot Features
- Lot Size (Acres): 0.1171
- Useable Acres: .1171
- Lot Size (Sq. Ft.): 5,100
- Lot Size Source: Assessor
- Lot Features: Corner Lot
- Lot Description: Corner Lot
Financial Considerations
- Price Per Sq. Ft.: $1,171
- Expenses: $84,160
- Operating Expenses: $84,160
Disclosures and Reports
- Buyer’s Brokerage Compensation: 2.5%
- Property ID: 5005235
Listed by Bayless Real Estate, KevinBayless
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Schools
Schools serving 501 Park Ave
School District:Newport-Mesa Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
3101 Pacific View Dr, Corona Dl Mar, CA 92625 | K-6 | 2.1 mi | |
2101 Eastbluff Dr, Newport Beach, CA 92660 | 7-12 | 2.2 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 501 Park Ave
Date
Details
Price
Change
Source
5/06/2024
Listed
$5,950,000
146.89%
MLS
11/14/2012
Sold
$2,410,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 501 Park Ave
Year
Property Taxes
Change
Tax Assessment
Change
2023
$19,373
17%
$1,499,351
2%
2022
$16,525
2%
$1,469,952
2%
2021
$16,215
1%
$1,441,130
1%
2020
$16,058
2%
$1,426,353
2%
2019
$15,742
2%
$1,398,386
2%
2018
$15,435
7%
$1,370,967
8%
2017
$14,414
2%
$1,272,586
2%
2016
$14,105
1%
$1,248,282
2%
2015
$13,968
2%
$1,229,532
2%
2014
$13,643
1%
$1,205,448
—
2013
$13,559
—
$1,200,000
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 501 Park Ave
501 Park Avenue, Newport Beach, CA 92662 (MLS# OC24091109) is a Commercial Multi-Family property. 501 Park Avenue is currently listed for $5,950,000 and was received on May 06, 2024. Want to learn more about 501 Park Avenue? Do you have questions about finding other Commercial Multi-Family real estate for sale in Newport Beach? You can browse all Newport Beach real estate or contact a Coldwell Banker agent to request more information.