171 Hemet StHemet, CA 92544

  • Residential income properties
  • 758 SF
For Sale
$1,790,000 View listing

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
Residential income properties
Property subtype
Other 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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
171 Hemet St, Hemet, California

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

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
$8,532
$318,590
$420,993
$739,583
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