507 29th Street

Newport Beach, CA 92663

$3,695,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $1,193 / sqft

1989

calendar_month Built

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.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A
Interior Information
Cooling Type None

Listing Information

Address 507 29th Street
City Newport Beach
State CA
Zip 92663
County Orange
Listing Agent Larry Birnbaum DRE#01363487
Courtesy Of LMB Enterprises
MLS OC24087108
List Price $3,695,000
Status Active
Type Commercial
Subtype Mixed Use
Structure Size N/A
Lot Size N/A
Year Built 1989
DOM 45

Exterior Information

Maps

Listing information courtesy of: Larry Birnbaum, LMB Enterprises . *Based on information from the Association of REALTORS/Multiple Listing as of Jun 13th, 2024 at 9:08 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.