For Sale
$2,690,000

512 Iris AveNewport Beach, CA 92625

Prime CDM Duplex, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a beautifully renovated duplex in the heart of Corona del Mar's vibrant village. Located at 512 Iris Ave, Newport Beach, CA 92625, this multifamily property boasts 3,200 square feet on a 3,807 square foot lot. The property, built in 1963, features two 3-bedroom, 2-bathroom units, one upstairs and one downstairs, offering a strong rental income stream. Each unit has undergone a complete renovation. The property's prime location provides easy access to renowned restaurants, shops, and entertainment venues within walking distance. Nearby attractions include Fashion Island Shopping mall, John Wayne Airport, Corona del Mar State Beach, and Crystal Cove, enhancing its desirability. With a 5.10% cap rate and a Net Operating Income (NOI) of $137,062, this property offers a compelling return on investment. The asking price is $2,690,000, representing a price per square foot of $840.62. The property is zoned for multi-family use and presents a rare chance to acquire a piece of this highly sought-after coastal community. This is a turnkey investment ready for immediate income generation. APN: 45918603.

Highlights

  • Beautifully renovated duplex in Corona del Mar's village.
  • 3,200 sq ft building on a 3,807 sq ft lot at 512 Iris Ave, Newport Beach, CA 92625.
  • Two 3-bedroom, 2-bathroom units, each fully renovated.
  • Prime location near restaurants, shops, Fashion Island, John Wayne Airport, and beaches.
  • 5.10% cap rate, $137,062 NOI, $2,690,000 asking price ($840.62/sq ft).
  • Multi-family zoning, turnkey investment.

Property Details for 512 Iris Ave

Property type
Residential income homes
Square Feet
3,200 SF
Year Built
1963
Buildings
1
Stories
2

Location Insight

City
Newport Beach
County
Orange
State
California
Latitude
33.5992781
Longitude
-117.8715318
512 Iris Ave, Newport Beach, California

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512 Iris Ave
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