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507 29th Street, Newport Beach, CA 92663
$3,695,000
507 29th Street, Newport Beach, CA 92663View this property at 507 29th Street, Newport Beach, CA 92663
507 29th StreetNewport BeachCA92663
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Property Description
Iconic, mixed-use 2-unit building located in Newport Beach's 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.
Full Property Details
Full Property Details for 507 29th St
General
- Price: $3,695,000
- Status: Active
- Type: Commercial
- MLS ID: OC24087108
- Updated: 5/2/2024
- Days on Market: 19 days
- Added to Site: 19 day(s) ago
Interior
- Laundry Facilities: Yes
Rooms
Other Rooms
- Laundry: Individual Room, Inside, Upper Level
Location
- County: Orange
- Driving Directions: Newport Blvd to 29th Street
Heating & Cooling
- Cooling Type: None
- Heating Type: Central
Structural Information
- # Buildings: 1
- Entry Floor Number: 1
- Stories/Levels: 2
- Building Size: 3096
- Square Feet: 3,096
- Year Built: 1989
- Year Built Source: Public Records
Lot Features
- Lot Size (Acres): 0.0712
- Useable Acres: .0712
- Lot Size (Sq. Ft.): 3,100
- Lot Size Source: Assessor
- Lot Features: Level with Street, Level, Zero Lot Line
- Lot Description: Level with Street, Level, Zero Lot Line
Water Features
- Water Front Desc.: Beach Access, Ocean Access
Financial Considerations
- Price Per Sq. Ft.: $1,193
- Operating Expenses: $27,300
Disclosures and Reports
- Buyer’s Brokerage Compensation: 2%
- Property ID: 4703317
Listed by LMB Enterprises, LarryBirnbaum
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Schools
Schools serving 507 29th St
School District:Newport-Mesa Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
1327 W Balboa Blvd, Newport Beach, CA 92661 | K-6 | 0.8 mi | |
2000 Cliff Dr, Newport Beach, CA 92663 | 7-8 | 0.7 mi | |
600 Irvine Ave, Newport Beach, CA 92663 | 9-12 | 1.1 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 507 29th St
Date
Details
Price
Change
Source
5/01/2024
Listed
$3,695,000
1702.44%
MLS
12/15/1988
Sold
$205,000
—
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 507 29th St
Year
Property Taxes
Change
Tax Assessment
Change
2023
$8,609
2%
$721,149
2%
2022
$8,451
2%
$707,009
2%
2021
$8,295
1%
$693,147
1%
2020
$8,213
2%
$686,040
2%
2019
$8,061
2%
$672,589
2%
2018
$7,907
2%
$659,401
2%
2017
$7,771
2%
$646,472
2%
2016
$7,605
1%
$633,797
2%
2015
$7,527
2%
$624,277
2%
2014
$7,352
1%
$612,049
—
2013
$7,297
—
$609,283
—
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 507 29th St
507 29th Street, Newport Beach, CA 92663 (MLS# OC24087108) is a Commercial property. 507 29th Street is currently listed for $3,695,000 and was received on May 01, 2024. Want to learn more about 507 29th Street? Do you have questions about finding other Commercial 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.