1995 Florida Avenue, Hemet, CA 92544
  • MLS#: IV23116736 ( Retail )
  • Street Address: 1995 Florida Avenue
  • Viewed: 3
  • Price: $7,350,000
  • Price sqft: $0
  • Waterfront: No
  • Year Built: 1986
  • Bldg sqft: 0
  • Days On Market: 533
  • Additional Information
  • County: RIVERSIDE
  • City: Hemet
  • Zipcode: 92544
  • Provided by: LE INVESTMENT GROUP
  • Contact: ALBERT ALBERT
  • California Regional MLS IDX
  • DMCA Notice
  • Description
    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.
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Features
Additional Parcels Description
  1. 445280039
  2. 445280041
Advertisingexpense
  1. 2400.00
Building Area Total
  1. 58035.00
Commoninterest
  1. None
Country
  1. US
Current Financing
  1. Conventional
Electric Expense
  1. 11000.00
Expense Year
  1. 2023
Heating
  1. None
Insurance Expense
  1. 12500.00
Land Use
  1. Retail
Laundry Features
  1. None
Netoperatingincome
  1. 502180.00
Otherexpense
  1. 16266.00
Otherincome1
  1. 198420.00
Parcel Number
  1. 445280038
Postalcodeplus4
  1. 4750
Professionalmanagementexpense
  1. 28681.00
Property Type
  1. Retail
Totalexpenses
  1. 214860.00
Trash Expense
  1. 11000.00
Vacancyallowance
  1. 92744
Water Sewer Expense
  1. 11000.00
Water Source
  1. Public
Year Built
  1. 1986