Newport Beach, CA 92663 507 29th Street
$3,695,000
33 more
Presented By: Larry Birnbaum with LMB Enterprises; 714-655-8108
Home Details
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.
Presented By: Larry Birnbaum with LMB Enterprises; 714-655-8108
Interior Features for 507 29th Street
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NYes
Laundry FeaturesInside, LaundryRoom, UpperLevel
Street SuffixStreet
Total Stories2
Other Rooms
Entry Level1
General for 507 29th Street
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Carport Spaces4.0
Carport Y/NYes
CityNewport Beach
CoolingNone
CountyOrange
Days on Market1
DirectionsNewport Blvd to 29th Street
Garage Y/NNo
HOA / Comm AssnNo
HeatingCentral
Home Warranty Y/NNo
Insurance Expense0.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
Listing TermsCash, CashtoNewLoan, Conventional, Item1031Exchange, FannieMae, OwnerWillCarry, PrivateFinancingAvailable
Lot Size Square Feet3100.0
MLS AreaN8 - West Newport - Lido
MobileHomeRemainsYNNo
Net Operating Income191700.0
New ConstructionNo
Number of Units Leased2
Occupancy TypeTenant
Open Parking Spaces0.0
Operating Expense27300.0
Private PoolNo
Property Attached Y/NNo
Property Sub Type AdditionalMixedUse
Property SubTypeMixedUse
Property TypeCommercialSale
Rent Control Y/NNo
Senior Community Y/NNo
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Street Name29th
Total Units2
Trash Expense0.0
View Y/NNo
Virtual TourClick here
Water Sewer Expense0.0
Waterfront FeaturesBeachAccess, OceanAccess
Waterfront Y/NNo
Year Built1989
Year Built SourcePublicRecords
Exterior for 507 29th Street
Building Area Total3096.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesLevel, StreetLevel, ZeroLotLine
Lot Size Acres0.0712
Lot Size Area3100.0
Lot Size SourceAssessor
Lot Size UnitsSquareFeet
Number of Buildings1
Open Parking Y/NNo
SpaNo
Total Parking4.0
Water SourcePublic
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480