3095 Devonshire AveHemet, CA 92545

Property Details for 3095 Devonshire Ave

Year built

2006

Construction

TILT-UP CONCRETE

Lot size

1.84 AC

Property size (Sq ft)

14,821 SF

Zone code

C1

Property type

Office buildings

APN

448-310-002

APU

448310002

Description

This exceptional 14,821 square foot office building, situated on a 1.84-acre lot at 3095 W Devonshire Avenue in Hemet, California, presents a compelling investment opportunity. Constructed in 2006 and recently updated in 2022, the property boasts a strong, long-term lease. The current tenant, a Social Security Administration office, signed a new 15-year modified gross lease in April 2022, with 13 years remaining. This lease includes annual rent increases, ensuring a consistent and growing return on investment. Located in the rapidly growing city of Hemet within Riverside County, this property is ideally suited for investors seeking high cash flow and tenant security. Hemet's population, as of 2002, was 90,689, and it's recognized as one of California's fastest-growing cities for retirees. The property's strategic location and the stability provided by the long-term lease with a government tenant make this an attractive option for 1031 exchange investors and those seeking a secure, high-yield investment in the national GSA landlord market. The building's recent renovations ensure its continued functionality and appeal, further enhancing its investment potential. This is a rare opportunity to acquire a high-quality, income-producing asset in a thriving market.

• CAP approach

  CAP return

  Valuation

  6%

  $4,073,410

  6.5%

  $3,760,071

  7%

  $3,491,494

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,599,937

  Geo Method

  $5,216,548

• Alternative Use

  Use

  Valuation

  Residential

  $4,662,488

  Hospitality

  $4,270,814

  Educational

  $3,553,267

  Medical

  $3,675,469

  Retail

  $5,527,304

Location Insight

City

Hemet

County

Riverside

State

California

Latitude

33.7505

Longitude

-117.005

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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