512 Iris Avenue, Corona Del Mar, CA 92625

$1,650,000 Approx. USD 0 beds, 0 baths
3,200 sqft

Agent Remarks

PRICE REDUCED!! Prime CDM Village Duplex. 510 & 512 are both available and priced @$1,650,000 each or $515/sq ft. - Sales Comps are $825/sq ft. Each duplex is identical featuring commanding 3 bedroom / 2 bathroom units approximately 1600 sq ft each. Each unit has an interior laundry room and separate water heater. Each duplex has a detached double garage. Average rents are just $2,712 and there is immediate rental lift with very little cosmetic interior upgrades. There is 4.14% yield going forward which is not duplicated anywhere along the immediately adjacent coastal submarkets. Seller desires and prefers to sell 510 & 512 Iris together, although will consider separate buyers - depending upon the structure of each transaction. See proforma Income and Expense in 6 Page Marketing Flyer on Dedicated Property Website - numbers below are at market. See pictures on Dedicated property Website and/or 510 Iris MLS input. Seller will consider selling separately, however they must close concurrently and preference and motivation is to sell to one Buyer/Investor. These are a must see and its very rare to have the ability to acquire adjacent buildings of all conforming large ~1600 sq ft 3 bedroom units in CDM.

Listing Details

Property type: (Multi-Family)
Status: Active
MLS# NP16185920
List price is $1,650,000 Reduced by $75,000 on 9/28/2016
Beds: 0
Baths: 0
Built in 1963
3,200 sqft
2 stories
0.08 acres
Lot size: 3807.000
County: Orange
Heating description: Central Furnace
MLS area: 699 - Not Defined

Last Updated: 10/14/2016

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This listing belongs to the 699 - Not Defined MLS area

Lat/Long: 33.599251, -117.871475.
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Broker: Courtesy of Berkadia Real Estate Advisors
Listing Agent: Steven Brombal

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