1735 Florida AveHemet, CA 92545

Property Details for 1735 Florida Ave

Year built

1970

Construction

TILT-UP CONCRETE

Lot size

1.46 AC

Property size (Sq ft)

19,564 SF

Zone code

CM

Property type

Strip malls

Property subtype

Neighborhood centers

APN

448-460-002

APU

448460002

Description

This exceptional investment opportunity presents a ±20,571 square foot retail property in Hemet, California, fully occupied by a Harbor Freight Tools store under a long-term lease. The property, located at 1735 W Florida Ave, boasts a strong 6.75% cap rate and a substantial net operating income (NOI) of $151,400. The lease, commencing June 26, 2023, and expiring October 31, 2035, offers a remaining term of 10.9 years, with four or five-year renewal options. Situated in a high-traffic retail corridor off West Florida Avenue (approximately 30,520 vehicles per day), the property benefits from excellent visibility and ample parking. The building, constructed in 1970, is zoned C-1 and features a single tenant occupancy. The property's strong tenant, Harbor Freight Tools, a national brand, ensures a stable and predictable income stream. Recent improvements include parking lot resurfacing. The property is surrounded by numerous synergistic national retailers, including Red Robin, Chili's, Sprouts Farmers Market, PetSmart, and Ulta Beauty, further enhancing its desirability and value. This core investment offers a compelling opportunity to acquire a high-performing asset in a thriving California retail market. The asking price is $2,243,000, translating to a price per square foot of $109.04. The APN is 448-460-002.

• CAP approach

  CAP return

  Valuation

  6%

  $7,904,158

  6.5%

  $7,296,146

  7%

  $6,774,992

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,648,554

  Geo Method

  $17,352,572

• Alternative Use

  Use

  Valuation

  Residential

  $6,154,572

  Hospitality

  $5,637,555

  Educational

  $4,690,380

  Medical

  $4,851,689

  Retail

  $7,296,146

Location Insight

City

Hemet

County

Riverside

State

California

Latitude

33.7469

Longitude

-116.991

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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