512 Iris Ave Newport Beach, CA 92625
- Residential income homes
- 3,200 SF
Current Use by Public Records
- Isalis / Gift Shop / Boutique
- Party City / Party Store / Balloon Store
- Skunk Funk / Wholesaler / Clothing Store
- Carl's Trading Co / Hat Shop
- Bushka's Kitchen LLC / Outdoor Clothing And Equipment Shop
Property Details for 512 Iris Ave
- Year built
- 1963
- Property size
- 3,200 SF
- Property type
- Residential income homes
- APN
- 45918603
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Newport Beach
- County
- Orange
- State
- California
- Longitude
- -117.8715318
- Latitude
- 33.5992781
