510 Iris Avenue, Corona Del Mar, CA 92625

$3,300,000 Approx. USD 0 beds, 0 baths
6,400 sqft

Agent Remarks

BEST VALUE IN CDM - PRICE REDUCTION - Now $1,650,000/ Duplex!! The Iris Flats (510 & 512 Iris Avenue CDM) is an extremely rare investment opportunity in the heart of the desirable coastal community of Corona Del Mar. This opportunity represents a solid investment option for any investor seeking a coastal investment with a huge rental upside of 40%+. Rent on these (4) 3bed/2ba ~1600 sq ft units average only $2,713/mo. Each parcel is zoned R-2. The lot sizes are 3,560 and 3,790 respectively. Must see! 4.14% proforma Cap. Now $515/sq ft Comparables $825/Sq ft. This offering consists of (2) adjacent side by side identical duplexes constructed in 1963. Each building features two comfortable and expansive three bedroom units. The upstairs units in each duplex have wood exposed vaulted-beamed ceilings throughout, skylights, abundant storage. Each unit has private deck leading to a double garage which is shared. The master Bedroom is very large featuring a sitting area and in-suite bathroom. Each of the four units has a separate interior laundry room, is separately metered and has individual water heaters. Operating expenses for any new owner could be minimal with renovations.The Seller prefers to sell them together, however would consider selling separately and closing concurrently. Submit!!

Listing Details

Property type: (Multi-Family)
Status: Active
MLS# NP16159678
List price is $3,300,000 Reduced by $150,000 on 9/28/2016
Beds: 0
Baths: 0
Built in 1963
6,400 sqft
0.08 acres
Lot size: 3572.000
County: Orange
Property style: Traditional
Interior features: Beamed Ceilings,Cathedral-Vaulted Ceilings,Ceiling Fan,High Ceilings (9 Feet ),Shower,Shower in Tub,Tile Counters
Heating description: Forced Air
MLS area: CS - Corona Del Mar - Spyglass

Last Updated: 11/8/2016

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This listing belongs to the CS - Corona Del Mar - Spyglass MLS area

The style of this listing is Traditional.
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Lat/Long: 33.599186, -117.871536.
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Broker: Courtesy of Berkadia Real Estate Advisors
Listing Agent: Steven Brombal

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