3095 Devonshire AveHemet, CA 92545

  • Office properties
  • 14,821 SF
For Sale
$6,250,000 View listing

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 properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
3095 Devonshire Ave, Hemet, California

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$68,029
$1,004,840
$4,911,177
$5,916,017
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