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501 Park Avenue, Newport Beach, CA 92662
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501 Park Avenue Newport Beach, CA 92662

$5,950,000
  • 4 Beds
  • 3 Baths
  • 5,080 Sq.Ft.
For Sale
$5,950,000 Get Pre-Qualified
Map preview of 501 Park Avenue, Newport Beach, CA 92662

Property Overview: 501 Park Avenue Newport Beach, CA has 4 bedrooms, 3 bathrooms, 5,080 living square feet and 5,100 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: THE PROPERTY: Welcome to your slice of paradise on Balboa Island in Newport Beach! This exquisite property offers an unparalleled opportunity to own a top-performing restaurant with two stunning apartments above, all completely rebuilt to perfection in 2015. THE RESTAURANT: Step into the heart of culinary excellence as you enter the spacious and inviting restaurant and bar area. Bathed in natural light pouring through large windows, this space exudes warmth and charm. With ample room for indoor and outdoor seating and a meticulously designed kitchen equipped with top-of-the-line appliances, it’s a dream canvas for creativity. THE LOCATION Situated in the heart of Balboa Island, this property enjoys a prime location in one of Newport Beach’s most coveted neighborhoods. Surrounded by quaint shops, charming cafes, and scenic waterfront vistas, residents and visitors alike are drawn to the vibrant energy and unparalleled beauty of this coastal community. With easy access to the Balboa Island Ferry, nearby beaches, and an array of recreational activities, the possibilities for adventure and relaxation are endless.

Listed by Kevin Bayless | BRE #01788899 | Bayless Real Estate
Last checked: 1 minute ago | Last updated: May 11th, 2024 | Source CRMLS | DOM: 12
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Home details

Lot Sq. Ft
5,100
HOA Dues
$0/mo
Year built
2015
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
OC24091109
City
Newport Beach
County
Orange
Time on Site
13 days
Property Unit Breakdown
Unit Mix Summary
  • Total # of Units: 3
  • Total # of Buildings: 1
  • # of Leased Units: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 0
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $15,000
  • Total Rent: $180,000
  • Pro Forma/Market Rent: $180,000
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $4,500
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $3,500
Property Income/Expense Information
Property Income and Analysis
  • Cap Rate: 3.22%
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $276,000
  • Net Operating Income: $191,840
  • Gross Operating Income: --
Annual Expense Breakdown
  • Total Operating Expense: $84,160
  • Electric: $0
  • Trash: $0
  • Insurance: $0
  • Water/Sewer: $0

Open Houses for 501 Park Avenue

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Property Details for 501 Park Avenue

Interior Features
Cooling Information
  • Has Cooling
  • Central Air
Heating Information
  • Has Heating
  • Central
Laundry Information
  • None
Lot Details / Garage and Parking
Lot Information
  • Lot Features: Corner Lot
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Total # of Units: 3
  • Parcel Number: 05005235
  • Year Built Source: Builder
  • Entry Level: 1
  • Has Additional Parcels
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: Corner of Park Avenue and Agate near the Balboa Island Ferry
View more facts & features

Local Newport Beach Agent

Sale History for 501 Park Avenue

View property's historical transactions

  • May, 2024

  • May 6, 2024

    Date

    Active

    CRMLS: OC24091109

    $5,950,000

    Price

Tax History for 501 Park Avenue

Recent tax history for this property
Year Land Value Improved Value Assessed Value
The tax history for this property will expand as we gather information for this property.

Home Value Compared to the Market

This property vs the competition

501 Park Avenue is listed 38.41% higher than the median list price for the city of Newport Beach which has a median list price of $4,298,800. The median price per/sqft for Newport Beach is $1,506 and this home is listed at $1171.26 per/sqft which puts the price per square foot 22.23% lower than the median price per square foot for the city of Newport Beach.

About 501 Park Avenue

Detailed summary of property

501 Park Avenue is a multi family located in Newport Beach, CA 92662 and is currently for sale. This multi family property offers 4 bedrooms, 3 bathrooms, roughly 5,080 living square feet, and sits on an approximately 5,100 square foot lot. 501 Park Avenue was first listed on ArdentRealEstateGroup.com on May 6, 2024. The homeowner is currently asking $5,950,000. The median priced home in Newport Beach is $4,298,800 with a median price per square foot of $1,506. Based on Ardent Real Estate Group's Newport Beach Market Data, this home is listed 38.41% higher than the median priced home. Local competing homes currently for sale include 12090 Whittier Blvd, 13720 Valley Blvd and 3106 E Garvey Ave. While the average home in Newport Beach, CA is selling in 73 days, 501 Park Avenue has a days on market of 12 days. There are currently 293 homes for sale in the Newport Beach real estate market and 219 of them are single family homes while 63 of them are condos and 11 are townhomes. For more information on this home for sale at 501 Park Avenue Newport Beach, CA 92662 contact Ardent Real Estate Group and we will put you in touch with one of our Newport Beach agents.

Public Facts for 501 Park Avenue

Public county record property details
Beds
--
Baths
--
Year built
--
Sq. Ft.
--
Lot Size
--
Stories
--
Type
--
Pool
--
Spa
--
County
--
Lot#
--
APN
--

The source for these homes facts are from public records.

92662 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$5,495,000
Median List Price/Sq.Ft.
$2,379
Median Sold Price
$6,300,000
Median Sold Price/Sq.Ft.
$2,734
Total Inventory
11
Median Sale to List Price %
98.51%
Avg Days on Market
19
Loan Type
Conventional (0%), FHA (0%), VA (0%), Cash (66.67%), Other (33.33%)

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Recently Sold Homes Near 501 Park Avenue

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217 Marine Ave, Newport Beach, CA 92662
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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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, 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.

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