510 Iris Avenue,  Corona del Mar CA, 92625 (Residential Income)

6,400 sqft
Status: Active
MLS#: NP16159678
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Last Updated: 12/8/2016 11:03 PM
Description for 510 Iris Avenue Corona del Mar, CA 92625
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!!
Price
$3,300,000
Orange
6,400 (approx)
NP16159678
Active
Description
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 Information
Property Type: Cluster, Traditional
0.08 Acres 357,200 sq.ft. 6,400 (approx)
$515.62 1963
Yes- 4 spaces
4 Total
Neighborhood
Room Information
Master Suite
Hookups in Laundry Room, Inside
Shower
Interior Features
Carpet Wall to Wall, Ceramic Tile
Ceiling Fan(s)
Forced Air
Beamed, Cathedral/vaulted Ceiling, High Ceiling, Tile Counter Top
Exterior / Lot Features
4 Garage Spaces, 4 Parking Spaces
Composition
None
No Pool
Urban
Driving Directions
Cross Streets: Pacific Coast Highway
Financial Considerations
45918602
$189,600 Income ,$47,380Expense
Listing Price History

Corona del Mar Real Estate

Corona del Mar is located in California. Corona del Mar, California 92625 has a population of 12,442.

The median household income in Corona del Mar, California 92625 is $120,124. The median household income for the surrounding county is $75,566 compared to the national median of $53,046. The median age of people living in Corona del Mar 92625 is 47.6 years.

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Courtesy: Berkadia Real Estate Advisors Steven Brombal
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Information is deemed reliable but is not guaranteed.

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