Jordan Bennett of Regency Real Estate Brokers
Orange County Condo ManiaMLS: OC24159586 $3,495,000
4 Bedrooms with 4 Baths507 29TH STREET
NEWPORT BEACH CA 92663MLS: OC24159586
Status: ACTIVE
List Price: $3,495,000
Price per SQFT: $1,129
Square Footage: 30964 Bedrooms
4 Baths
Year Built: 1989
Zip Code: 92663Listing Agent: LARRY BIRNBAUM of LMB ENTERPRISES 714-655-8108
Listing Remarks
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.
Address: 507 29TH STREET NEWPORT BEACH CA 92663
Featured Buyer's Agent:
Jordan BennettRegency Real Estate Brokers
Team Lead - BRE: 01850869
Phone: 949-829-7484
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Listing Details
STATUS: Active SPECIAL LISTING CONDITIONS: Standard LISTING CONTRACT DATE: 2024-08-02 BEDROOMS: 4 BATHROOMS FULL: 3 BATHROOMS HALF: 1 LIVING AREA SQ FT: 3096 YEAR BUILT: 1989 ARCHITECTURAL STYLE: Mediterranean COMMUNITY FEATURES: Sidewalks, WaterSports FIREPLACE: LivingRoom, PrimaryBedroom FLOORING: Carpet, Tile HEATING: Central COOLING: None INTERIOR FEATURES: CathedralCeilings, AllBedroomsUp, MainLevelPrimary LAUNDRY FEATURES: Inside, LaundryRoom, UpperLevel LOT FEATURES: Level, ZeroLotLine # GARAGE SPACES: 2 PARKING FEATURES: AttachedCarport, Carport, Garage, Tandem PROPERTY TYPE: Residential PROPERTY SUB TYPE: Condominium POOL FEATURES: None SPA FEATURES: None STORIES TOTAL: 2 NUMBER OF UNITS TOTAL: 2 DIRECTION FACES: South VIEW: Bay, Harbor, Water LISTING AGENT: LARRY BIRNBAUM LISTING OFFICE: LMB ENTERPRISES LISTING CONTACT: 714-655-8108
Estimated Monthly Payments
List Price: $3,495,000 20% Down Payment: $699,000 Loan Amount: $2,796,000 Loan Type: 30 Year Fixed Interest Rate: 6.5 % Monthly Payment: $17,673 Estimate does not include taxes, fees, insurance.
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Property Location: 507 29TH STREET NEWPORT BEACH CA 92663
This Listing
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Featured Buyer's Agent:
Jordan BennettRegency Real Estate Brokers
Team Lead - BRE: 01850869
Phone: 949-829-7484
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Last Updated: 2024-09-16 04:33:40