501 Park Ave Newport Beach, CA 92662
Balboa Island Neighborhood
4
Beds
3
Baths
5,080
Sq Ft
5,100
Sq Ft Lot
Highlights
- Fishing
- Corner Lot
- 1-minute walk to Balboa Island Park
- Abraham Lincoln Elementary School Rated A
- Central Heating and Cooling System
About This Home
As of September 2024THE 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.
Last Agent to Sell the Property
Bayless Real Estate Brokerage Email: kbayless@leeirvine.com License #01788899 Listed on: 05/06/2024
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $19,879
Year Built
- Built in 2015
Lot Details
- 5,100 Sq Ft Lot
- No Common Walls
- Corner Lot
- 05005236
Parking
- 1 Car Garage
Interior Spaces
- 5,080 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 4 Bedrooms
- 3 Bathrooms
Utilities
- Central Heating and Cooling System
Listing and Financial Details
- Tax Lot 21
- Tax Tract Number 99
- Assessor Parcel Number 05005235
Community Details
Overview
- 3 Units
- Balboa Island Main Island Subdivision
Recreation
- Fishing
- Water Sports
Building Details
- 1 Leased Unit
- 3 Separate Electric Meters
- 3 Separate Gas Meters
- Operating Expense $84,160
- Gross Income $276,000
- Net Operating Income $191,840
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
May 6, 2024
Closed on
Aug 22, 2024
Sold by
Antares Group Llc
Bought by
Parkoli Llc
Seller's Agent
Kevin Bayless
Bayless Real Estate
Buyer's Agent
NoEmail NoEmail
NONMEMBER MRML
List Price
$5,950,000
Sold Price
$4,950,000
Premium/Discount to List
-$1,000,000
-16.81%
Views
35
Purchase Details
Closed on
Nov 14, 2012
Sold by
Nicks Denise
Bought by
Antares Group Llc
Purchase Details
Closed on
Jan 17, 2007
Sold by
Hardesty William C
Bought by
Hardesty William C and Nicks Denise
Purchase Details
Closed on
May 4, 1999
Sold by
William Hardesty
Bought by
Hardesty William C
Purchase Details
Closed on
Mar 18, 1996
Sold by
Hardesty Robert E and Hardesty Joan C
Bought by
Hardesty William C
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$100,000
Interest Rate
7.97%
Mortgage Type
Commercial
Similar Homes in the area
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Grant Deed | $4,950,000 | Commonwealth Land Title Compan | |
| Grant Deed | $2,410,000 | First American Title Company | |
| Interfamily Deed Transfer | -- | None Available | |
| Gift Deed | -- | -- | |
| Gift Deed | -- | American Title Ins Co |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $950,000 | Commercial | |
| Previous Owner | $100,000 | Commercial |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 09/20/2024 09/20/24 | Sold | $4,950,000 | -16.8% | $974 / Sq Ft |
| 05/06/2024 05/06/24 | For Sale | $5,950,000 | -- | $1,171 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $19,879 | $1,850,000 | $1,611,401 | $238,599 |
| 2024 | $19,879 | $1,529,338 | $1,376,304 | $153,034 |
| 2023 | $19,373 | $1,499,351 | $1,349,317 | $150,034 |
| 2022 | $16,525 | $1,469,952 | $1,322,859 | $147,093 |
| 2021 | $16,215 | $1,441,130 | $1,296,921 | $144,209 |
| 2020 | $16,058 | $1,426,353 | $1,283,622 | $142,731 |
| 2019 | $15,742 | $1,398,386 | $1,258,453 | $139,933 |
| 2018 | $15,435 | $1,370,967 | $1,233,777 | $137,190 |
| 2017 | $14,414 | $1,272,586 | $1,209,586 | $63,000 |
| 2016 | $14,105 | $1,248,282 | $1,185,869 | $62,413 |
| 2015 | $13,968 | $1,229,532 | $1,168,056 | $61,476 |
| 2014 | $13,643 | $1,205,448 | $1,145,176 | $60,272 |
Source: Public Records
Agents Affiliated with this Home
-
Kevin Bayless
Seller's Agent in 2024
Kevin Bayless
Bayless Real Estate
(949) 790-3142
2 in this area
10 Total Sales
-
NoEmail NoEmail
N
Buyer's Agent in 2024
NoEmail NoEmail
NONMEMBER MRML
(646) 541-2551
1 in this area
5,848 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC24090681
APN: 050-052-35
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Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. 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
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