Long-time building owners and retired business owners were seeking a business purpose cash out 1st TD to refinance the existing conventional 1st and 2nd TDs, payoff other debts and made some improvements to this Newport Beach mixed use property.
Subject property is a two story 3,610 s.f. mixed use commercial building. Owner lives on the 2nd floor and the 1st floor is leased by long-time tenant, Quality Marketing Communications. The property is located on Balboa Island in Newport Beach and is walking distance to the beach, Newport Harbor, shopping, restaurants and recreation. Schools, parks and medical facilities are all located nearby. Monthly rental income is $1,700.