Sold

Closed

507 29th Street

Newport Beach CA, 92663

$3,400,000


$1,098.19 per sqft

Sold

Closed

3,096 sqft

Commercial

Built in 1989

Listed by Larry Birnbaum with LMB Enterprises 714-655-8108

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.

OC24147914

MLS ID

July 18, 2024

Listed

December 10, 2024

Updated

Map

507 29th Street
Newport Beach CA, 92663

Interior Features

Total Stories

2


Laundry Description

Inside, Laundry Room, Upper Level


Fireplace

No


Cooling

No


Cooling Description

None


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.07 Acres


Lot Features

Level, Street Level, Zero Lot Line

Other Property Details

Area Name

N8 - West Newport - Lido


Days on Market

67


Garage

No


Parking Total

6


View

No


County

Orange


Water Source

Public


Pool

No


Waterfront

Yes

Listing History

Date

Event

Price

10/25/2024

Sold

$3,400,000

10/4/2024

Pending

9/23/2024

Under contract

9/9/2024

Price change

$3,495,000

-3%

8/2/2024

Price change

$3,595,000

-3%

Listing Contact: 714-655-8108 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 12/10/2024. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 12/10/2024 at 6:08 PM UTC

 

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