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Listed by Kristopher German • RE/MAX 2000 REALTY
$ 1,725,000
Est. payment /mo
Pending
509 East Central Avenue Hemet, CA 92543
8,643 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Square Footage 8,643 sqft
Price per Sqft $199
MLS Listing ID CV-25151759
Year Built 1991
Lot Size 0.370 Acres
Property Sub-Type Apartment
Property Description
1990's construction priced at a Current 8.29 GRM and 8% CAP Rate!!! We are pleased to exclusively present this well-maintained 8-unit multifamily asset, perfectly positioned to generate immediate cash-flow and long-term value. Built in the 1990s and offered well below replacement cost at just $199 per square foot, this property presents a rare blend of newer construction, strong tenant appeal, and robust financial performance. Boasting an excellent unit mix of (4) spacious 3-Bed/2-Bath units and (4) well-designed 2-Bed/2-Bath units, this building attracts a stable tenant base seeking comfort and convenience. Each residence comes with private balconies or patios, central A/C and heat, and its own private 2-car garage--a luxury not often found in multi-family assets. Investors will appreciate the recent capital improvements: 7 of the 8 units have been tastefully remodeled, featuring new dual-pane windows, fresh paint, modern flooring, and updated kitchens. The property offers private gated entry, ample onsite parking, and is set up to minimize deferred maintenance concerns. Financial highlights include a Current GRM of 8.29 and a Cap Rate of 8.05%, making this a compelling addition to any portfolio. With solid in-place income and continued rental upside, this asset offers both immediate returns and future growth potential. Don't miss the opportunity to acquire a low-maintenance, high-yield property in a desirable rental market. This property is part of a 13 unit portfolio for sale in Hemet (additional Tri-Plex see MLS#CV25148426 and Duplex units property see MLS#CV25148384)
Location
State CA
County Riverside
Zoning R3
Interior
Heating None
Fireplaces Type None
Laundry None
Exterior
Parking Features Garage
Garage Spaces 16.0
Pool None
Community Features Hiking, Sidewalks
Utilities Available Sewer Available, Water Available, Electricity Available, Natural Gas Available
View Y/N No
View None
Building
Lot Description 6-10 Units/Acre
Sewer Public Sewer