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1995 E Florida Ave, Hemet, CA 92544
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1995 E Florida Ave Hemet, CA 92544

$7,350,000
  • -- Beds
  • -- Baths
  • 58,035 Sq.Ft.
For Sale
$7,350,000 Get Pre-Qualified
Map preview of 1995 E Florida Ave, Hemet, CA 92544

Property Overview: 1995 E Florida Ave Hemet, CA has -- bedrooms, -- bathrooms, 58,035 living square feet and 198,633 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: Highlights; Unparalleled Current Cap Rate of 6.83%. Owner Recently Executed a New 5 Year Lease With Built-in Rental Increases for Discount Retailer / The offering represents a true value-add asset, with below market rents & month-to-month tenants / Property wide rents average $0.98 PSF/month. / Signalized Corner Lot Anchored by New Taco Bell(NAP) / Neighboring Rental Comparables Illustrate a 90% -95% Occupancy Market Area. Property has tremendous upside with ProForma CAP Rate of 8.08%. DRIVE BY ONLY PLEASE DO NOT DISTURB THE TENANTS. Hemet Town Plaza (the “Property”), a 58,035 SF singles tory, multi-tenant center located in the city of Hemet, Riverside County, California. The property is ideally located on Florida Avenue a major regional thoroughfare for the immediate trade area. The plaza consists of four separate buildings, situated on (3) parcels, totaling 4.56-acres. The property configuration, visibility, zoning, ample parking, available suites ranging from 750-7,275 Sq. Ft. and strategic location, all contribute, to make the Hemet Town Plaza an ideal location for a diverse tenant base. Surrounding retail properties demonstrate a constant growing market and operate at nearly a 95% occupancy rate. The property is currently 88%+/- occupied with tremendous upside upon leasing out vacant space. The offering represents a true value-add asset, with below market rents, month-to-month tenants and a rare opportunity to reposition a pad building, with a premium location, on Florida Avenue frontage. Potential investor shave the opportunity to produce significant cash-flow, through aggressive management, marketing, continued rehabilitation and stabilization of the asset.

Listed by ALBERT LE | BRE #01468313 | LE INVESTMENT GROUP
Last checked: 3 minutes ago | Last updated: May 31st, 2024 | Source CRMLS | DOM: 440
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Home details

Lot Sq. Ft
198,633
HOA Dues
$0/mo
Year built
1986
Garage
--
Property Type:
Retail
Status
Active
MLS#
IV23116736
City
Hemet
County
Riverside
Time on Site
447 days
Property Unit Breakdown
Unit Mix Summary
  • Total # of Units: --
  • Total # of Buildings: 3
Property Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $611,364
  • Net Operating Income: $502,180
  • Gross Operating Income: --
  • Vacancy Allowance: $92,744
  • Other Income 1: $198,420
Annual Expense Breakdown
  • Total Operating Expense: $131,404
  • Electric: $11,000
  • Trash: $11,000
  • Insurance: $12,500
  • Maintenance: $21,511
  • Professional Management: $28,681
  • Water/Sewer: $11,000
  • Other Expenses: $16,266

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Property Details for 1995 E Florida Ave

Interior Features
Heating Information
  • No Heating
  • None
Laundry Information
  • None
Lot Details / Garage and Parking
Lot Information
  • Lot Features: Corner Lot
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Parcel Number: 445280038
  • Entry Level: 1
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: East Florida Ave 1995-2095 E Florida Ave.
View more facts & features

Local Hemet Agent

Sale History for 1995 E Florida Ave

Last sold on March 14th, 2018

  • June, 2023

  • Jun 29, 2023

    Date

    Active

    CRMLS: IV23116736

    $7,350,000

    Price

  • May, 2023

  • May 2, 2023

    Date

    Expired

    CRMLS: IV22107540

    $6,895,000

    Price

  • May 20, 2022

    Date

    Active

    CRMLS: IV22107540

    $6,895,000

    Price

  • Listing provided courtesy of CRMLS

    HIGHLIGHT: Anchored Tenants Include: Rent-A-Center, True Value Hardware, US Post Office, Taco Bell (NAP) & Big Lots (NAP). Vacant Pad With Florida Ave. Frontage / Tremendous Upside ProForma CAP Rate of 8.10%, Property is currently 80% +/- Occupied With 70% Economic Occupancy / Attractive Current Cap Rate of 6.65%. Recently Executed New 5-Year Lease With Built-in Rental Increases for Discount Retailer Occupying 7,275 SF / The offering represents a true value-add asset, with below market rents, month-to-month tenants and a are opportunity to reposition a pad building / Signalized Corner Lot Anchored by New Taco Bell (NAP). Neighboring Rental Comparables Illustrate a 90%-95% / Property wide rents average $0.83 PSF/month. Existing rents will be easily replaced or improved as leases roll. / Seasoned Tenancy ** Anchored Tenants include Rent-A-Center, True Value Hardware, US Post Office, Taco Bell (NAP) & Big Lots (NAP)** The Hemet Town Plaza (the property) a single story, multi-tenant center is located in the city of Hemet, Riverside County California. The property is currently 80% +/- occupied. Ideally located on Florida Avenue, which is a Major Regional Thoroughfare for the immediate trade area and providing excellent street frontage. The plaza consists of (3) APN's with (4) Separate Buildings and a total of 4.56 acres of Land. Available suites ranging 750-7,7275 Sq. Ft. with ample parking also make this property an excellent location for a diverse tenant base. Surrounding Retail Properties demonstrate a constant growing market and operate near 90% Occupancy. Potential Investors may have the opportunity to produce significant cash flow through aggressive management, marketing, continued rehabilitation and stabilization of the asset. Currently 80% Occupied, this property has tremendous upside with a ProForma CAP Rate of 8.10%.

  • November, 2019

  • Nov 30, 2019

    Date

    Expired

    CRMLS: IV18235894

    --

    Price

  • Sep 27, 2018

    Date

    Active

    CRMLS: IV18235894

    --

    Price

  • Listing provided courtesy of CRMLS

    Drive-Thru location. Great opportunity for fast food, located on a busy street with street visibility

  • March, 2018

  • Mar 14, 2018

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • April, 2016

  • Apr 19, 2016

    Date

    Sold (Public Records)

    Public Records

    --

    Price

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Tax History for 1995 E Florida Ave

Assessed Value (2020): $946,764
Year Land Value Improved Value Assessed Value
2020 $114,444 $832,320 $946,764

Home Value Compared to the Market

This property vs the competition

1995 E Florida Ave is listed 1533.7% higher than the median list price for the city of Hemet which has a median list price of $449,900. The median price per/sqft for Hemet is $266 and this home is listed at $126.65 per/sqft which puts the price per square foot 52.39% lower than the median price per square foot for the city of Hemet.

About 1995 E Florida Ave

Detailed summary of property

1995 E Florida Ave is a retail located in Hemet, CA 92544 and is currently for sale. This retail property offers -- bedrooms, -- bathrooms, roughly 58,035 living square feet, and sits on an approximately 198,633 square foot lot. 1995 E Florida Ave was first listed on ArdentRealEstateGroup.com on June 30, 2023. The homeowner is currently asking $7,350,000. The median priced home in Hemet is $449,900 with a median price per square foot of $266. Based on Ardent Real Estate Group's Hemet Market Data, this home is listed 1533.7% higher than the median priced home. While the average home in Hemet, CA is selling in 76 days, 1995 E Florida Ave has a days on market of 440 days. There are currently 503 homes for sale in the Hemet real estate market and 483 of them are single family homes while 19 of them are condos and 1 are townhomes. For more information on this home for sale at 1995 E Florida Ave Hemet, CA 92544 contact Ardent Real Estate Group and we will put you in touch with one of our Hemet agents.

Public Facts for 1995 E Florida Ave

Public county record property details
Beds
--
Baths
--
Year built
1986
Sq. Ft.
--
Lot Size
19,602
Stories
1
Type
Commercial (General)
Pool
No
Spa
No
County
Riverside
Lot#
1
APN
445-280-038

The source for these homes facts are from public records.

92544 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$475,000
Median List Price/Sq.Ft.
$272
Median Sold Price
$485,000
Median Sold Price/Sq.Ft.
$268
Total Inventory
151
Median Sale to List Price %
97.68%
Avg Days on Market
34
Loan Type
Conventional (30.3%), FHA (42.42%), VA (9.09%), Cash (6.06%), Other (12.12%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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