171 Hemet StHemet, CA 92544

Property Details for 171 Hemet St

Year built

1965

Construction

WOOD

Lot size

1.00 AC

Property size (Sq ft)

758 SF

Zone code

R3

Property type

Apartment buildings

APN

551-180-011

APU

551180011

Description

Exceptional investment opportunity in Hemet, CA, presents a ten-unit apartment building situated on a substantial 43,560 square foot lot. This 1965-built property boasts 8,000 square feet of living space, currently comprised of ten individual homes, offering a unique advantage with no shared walls between units. Seven units are currently rented, while three are vacant, presenting immediate potential for increased revenue. Five of the occupied units are rented at or near market value, with two requiring rent adjustments. Three units have undergone renovations. The asking price is $1,790,000, translating to $179,000 per unit and $223.75 per square foot. The property is held in trust, and the seller is open to considering all reasonable offers submitted on CAR forms. Note that the square footage is an estimate, and buyers are encouraged to conduct their own due diligence. A projected annual gross income of $173,724 is achievable if the three vacant units are rented at $1,600 per month. Detailed rental information is available upon request. High-quality photographs will be available shortly. The property's address is 171-189 N. Hemet Street, Hemet, CA 92544, APN 551-180-011.

• CAP approach

  CAP return

  Valuation

  6%

  $258,328

  6.5%

  $238,457

  7%

  $221,424

• Comparable approach

  Method

  Valuation

  Relative Method

  $206,104

  Geo Method

  $413,530

• Alternative Use

  Use

  Valuation

  Residential

  $238,457

  Hospitality

  $218,425

  Educational

  $181,727

  Medical

  $187,977

  Retail

  $282,686

Location Insight

City

Hemet

County

Riverside

State

California

Latitude

33.7493

Longitude

-116.924

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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