A mixed-use building on the corner of Main Street and Edgewater Place in Newport Beach, California has sold for $5,700,000 in a probate sale. The building was one of many assets in the estate. Kidder Mathews’ multifamily brokers, Steven C. Brombal and Joshua Y. Rhee, represented the seller and the buyer in the transaction.
The building consists of 12 residential units above five ground-floor retail tenants, for a total of 17 units. The property is located in a historic harborside environment directly adjacent to the iconic Balboa Pavilion in the heart of the famed Newport Beach Fun Zone. It is steps away from numerous popular attractions such as the Catalina Flyer Express, the famous Newport Harbor boating tours, and the popular Harborside Restaurant at the Balboa Pavilion.
The buyer, an investor from the Calabasas area and a repeat client of Brombal and Rhee, plans to completely renovate and upgrade the property.
“This was a generational opportunity to acquire a value-add property with incredible upside in an historic and irreplaceable location, essentially atop the Newport Harbor,” said Brombal. “It continues to underscore that astute investors are seeking prime locations and are willing to compete to acquire these sites. We conducted numerous property tours, obtained seven written offers, and the sales price was $351,000 over the listing price,” he said.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 800 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9 billion in transactions, manages over 53 million square feet of space, and conducts 1,600 appraisals annually. For more information, visit kidder.com.