For Sale
$1,750,000

2750 Devonshire AveHemet, CA 92545

Established nursery, residential home, development potential

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional Hemet property offers a unique investment opportunity encompassing a thriving, established nursery business and a single-family residence on a substantial 1.86-acre lot. Located at 2750 W Devonshire Ave, this corner property benefits from high visibility at the intersection of North Kirby Street and Devonshire Avenue. The nursery, operating successfully since 2003, holds a Conditional Use Permit (CUP) for its current operation. The property includes four buildings totaling 4,500-5,500 square feet, with the residence boasting 2,883+/- square feet, three bedrooms, and two bathrooms. Built in 1963, this home is currently tenant-occupied. The expansive lot, zoned R3 (High Density Residential), presents significant development potential, allowing for up to 55 multi-family units (apartments or condominiums). The property features both a working well and city water access. The asking price is $1,750,000, reflecting a pro-forma cap rate of 6.94% and a pro-forma NOI of $121,448. Detailed financials are available upon request. Please respect the privacy of tenants and employees. This is a fee simple ownership with no ground lease. The property's land value is $21.59/SF.

Highlights

  • Hemet, CA investment opportunity: 1.86-acre corner lot at North Kirby Street & Devonshire Avenue.
  • Established Cagliero Ranch Nursery (est. 2003) included in sale, operating under a Conditional Use Permit (CUP).
  • R3 zoning allows up to 55 multi-family units (apartments/condos), with a High Density Residential (HDR) land use designation.
  • Includes a 3-bed, 2-bath, ~2883 sq ft single-family residence (currently tenant-occupied).
  • Property features a well and city water access.
  • Financials available upon request; please do not disturb tenants or employees.

Property Details for 2750 Devonshire Ave

Property type
Mixed-use properties
Square Feet
4,500 SF
Year Built
1963
Buildings
4
Stories
1
Units
2

Location Insight

City
Hemet
County
Riverside
State
California
Latitude
33.75097857405
Longitude
-116.99810803513
2750 Devonshire Ave, Hemet, California

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2750 Devonshire Ave
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