Newport Beach CA Real Estate & Commercial for Sale

A RARE OPPURTUNITY FOR BUILDERS, DEVELOPERS, AND INVESTORS!! A 32,286 SQ FT LOT LOCATED IN THE HIGHLY SOUGHT OUT AREA OF NEWPORT BEACH, OFF PCH AND SUPERIOR AVE, IS NOW AVAILABLE FOR PURCHASE! THE MOST VALUE IS IN ITS LAND, LOT SIZE, LOCATION, AND FUTURE USE. IT CURRENTLY HAS A 10,000 SQ FT MEDICAL BUILDING, 5 UNITS TOTAL, 3 UNITS LOCATED IN THE SINGLE-STORY SIDE OF THE BUILDING AND 2 UNITS LOCATED IN THE TWO-STORY SIDE OF THE BUILDING. THE LOT IS CURRENTLY ZONED FOR MEDICAL COMMERCIAL USE. THE LOT WAS ORGINALLY ZONED AS A MULTIPLE UNIT RESIDENTIAL (RM 18 DU/AC). ON DECEMBER 8,2011, AMENDMENTS TO THE GENERAL PLAN AND ZONING MAP TO CHANGE THE LAND USE DESIGNATION FROM (RM 18 DU/AC) TO MEDICAL COMMERCIAL OFFICE (CO-M 0.49 FAR); AND CHANGE THE ZONING DISTRICT DESIGNATION FROM MULTIPLE UNIT RESIDENTIAL (RM2420) TO OFFICE MEDICAL (CO-M 0.49 FAR) WERE INITIATED BY THE OWNER, WHO SOUGHT TO CONTINUE THE EXISTING OFFICE USE OF THE PROPERTY. THE LAND USE MAY BE REZONED TO ITS PRIOR USE, WITH FUTURE POSSIBILITIES TO BUILD MORE HOUSING, OR A RESIDENTIAL CARE FACILITY, CONVENIENTLY LOCATED CLOSE TO THE BEACH, WITH PARKS NEAR BY, NEWPORT HARBOR, BALBOA BAY AND IS CONVENIENTLY LOCATED DOWN THE STREET FROM HOAG HOSPITAL. IT MAY ALSO REMAIN IN ITS CURRENT ZONE USE, WITH RENOVATIONS TO THE EXISTING BUILDING, MAXIUMIZING ITS MEDICAL USE POTENTIAL FOR HIGHER REVENUES.

This landmark mixed-use property in a prime Newport Beach location includes a commercial condo (formerly occupied by a prestigious law firm) and 2 residential condos with panoramic ocean and coastal views. All 3 units are condo mapped with separate Assessor Parcel Numbers (APN) and are separately metered for gas, electric and water. The street frontage offers ample signage opportunities especially from high traffic Newport Blvd. The commercial space at 326 Old Newport Blvd features a gated parking garage (11 parking spaces per Newport Beach Planning), elevator, A/C, granite and upgraded wood floors and is currently configured with offices, glass-walled conference room, kitchenette, two restrooms and storage rooms. The commercial space will be delivered vacant. The residential units located at 321 & 323 Holmwood Dr - are each 2 bedroom, 2 bath condos with private 2 car garages and are over 1350 sqft each. The updated units feature panoramic ocean view balconies, A/C, in unit laundry room. This prime Newport Beach location is directly next to the new USC Keck Medical Center and across the street is award-winning Hoag Hospital Newport Beach. Newport Beachs fine dining, shopping, entertainment, beaches and bay are a moment away.