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    The Largest CRE Database in the US with Over 1 Million Listings

    229 S Carmalita St Hemet, CA 92543

    Sponsored
    For Sale
    $535,000

    Quadruplex - Hemet, CA

    Type:Quadruplex
    Property size:
    2,080 SF
    Lot size:
    6,534.00 Acres
    Days on Market:
    4
    Last Refresh:
    Feb 21 at 12:06 am

    Property Features for 229 S Carmalita St

    General Information

    Property type
    Residential
    Property subtype
    Quadruplex
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Kitchen, Laundry, Living Room
    Bedrooms
    4
    Bathrooms
    4
    APN
    443312016
    Parking
    3
    Exterior features
    Community Features Included: Curbs, 0-1 Unit/Acre
    Size
    2,080 SF
    Lot size
    6,534.00 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Multi Units, Wall/Window Unit(s), Window Unit(s)

    Building Details

    Year built
    1964
    Floors in Building
    1
    Number of units
    4
    Architectural style
    Other

    We can help!

    Listing Contact
    Jacob Mejia

    Real Brokerage Technologies, Inc. (619) 248-6434

    Listing agent Jacob Mejia (619) 663-8680 License #02165593

    Listing date Feb 18, 2026

    MLS# SW26034969 Listing URL

    Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Hemet Quadruplex Investment Opportunity

    This well-maintained fourplex multi-family property features four spacious 1-bedroom, 1-bathroom units. Each unit is thoughtfully designed with its own private kitchen, comfortable living room, and functional layout that offers both privacy and convenience for tenants. Each unit provides a welcoming living space filled with natural light, efficient floor plans, and practical kitchens ideal for everyday living, making this property highly attractive to renters and ensuring consistent income potential. The property is situated in Hemet, CA, Riverside County, on a lot of 0.15 acres. The building has a size of 2080 square feet. This is a fantastic investment opportunity for both seasoned and new investors looking to build wealth through rental income and long-term appreciation. Additionally, this property is perfect for first-time homebuyers and VA buyers who want to take advantage of owner occupancy options, live comfortably in one unit while renting out the other three to help offset or potentially cover the mortgage payment. This versatile fourplex offers strong cash flow potential, flexibility, and long-term value in one smart investment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Home Security Alarm ... Security Service

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hemet
    County
    Riverside
    State
    California
    Longitude
    -116.969725
    Latitude
    33.744894

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    FAQs

    What type of property is this?
    Quadplex - Well-maintained fourplex with strong cash flow potential in Hemet, CA.
    Where is this quadplex located?
    The property is located at 229 S Carmalita St Hemet, CA.
    What is the asking price?
    The asking price for this property is $535,000.
    What are key features of this property?
    This property features: - Consistent income potential from four 1-bedroom, 1-bathroom units, each with a private kitchen and living room.; - Ideal for owner-occupancy: **live in one unit and rent out the other three to offset or cover mortgage payments.**; - Strong cash flow potential and long-term value as a versatile investment property.
    (951) 588-3899
    Request Owner's contact information
    229 S Carmalita St Hemet, CA 92543
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    Hemet, CA 92543
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    229 S Carmalita St Hemet, CA 92543
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    We can help!
    Listing Contact
    Jacob Mejia
    Real Estate License ID: 02165593
    (951) 588-3899 (619) 663-8680
    Learn more
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