Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Hemet Land Investment Opportunity Title is generated by Realmo AI

    401 N Santa Fe Street, Hemet, CA 92543

    View on Map
    Claim this Listing
    For Sale
    $1,600,000

    Land/Lot - Hemet, CA

    Lot size:
    107,593.00 Acres
    Added:
    Jan 20, 2025
    Days on Market:
    496
    Last Refresh:
    May 31 at 8:06 am

    Property Features for 401 N Santa Fe Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-3
    Exterior features
    Community Features Included: Street Lights, Urban, Sidewalks
    Standard status
    Active
    APN
    446092027
    Lot size
    107,593.00 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Xiaoming Ye

    Listing agent Xiaoming Ye License #02196580

    Listing office Centaline Investment Inc 1155 S. Diamond Bar Blvd #K, Diamond Bar, CA

    Listing date Jan 20, 2025

    MLS# TR25014447 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.

    HighLights

    • Preliminary approval for 60 apartment units, potentially up to 74 units under R‑3 zoning.
    • Large, flat 2.47‑acre (107,519 sq ft) lot in the heart of Hemet.
    • Rectangular‑shaped lot with frontage on both Santa Fe Street and E Central Avenue.
    • All utilities are available on the property.
    • Project design includes a mix of 1, 2, and 3‑bedroom units (10%/80%/10% split).
    • Entitlement approval expected from the planning department in 2‑3 months.

    Overview

    This 2.47-acre (107,519 sqft) flat land parcel presents an investment opportunity for a medium-sized, high-density apartment community. Located in the heart of Hemet, the rectangular-shaped property has frontage on both Santa Fe Street and E Central Avenue. The R-3 zoning allows for the construction of up to 74 units. Preliminary approval projects 60 apartment units. The project design includes 10% 1-bed/1-bath units, 10% 3-bed/2-bath units, and 80% 2-bed/2-bath units. All utilities are available. The project is in the process of obtaining full entitlement approval from the planning department, expected within the next 2-3 months. Full entitlement approval by the owner may be deliverable depending on the terms.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Gym & Fitness Center Building Supply 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
    -116.963336
    Latitude
    33.753965

    Nearby Similar for Sale

    • $998,000
      4,138 SF

      Updated Hemet Quadruplex Investment Opportunity

      Four-unit property with garages, yards, and strong income potential.
      962 Monarch, Hemet, CA 92543
      View Details
    • $300,000

      Established Restaurant Business Opportunity

      Restaurant business with high-traffic location and established brand recognition.
      41831 E Florida Avenue, Hemet, CA 92544
      View Details
    • $836,000
      4,800 SF

      Hemet Commercial Property For Sale

      Commercial property in a prime location with immediate rental income.
      280 N San Jacinto Street, Hemet, CA 92543
      View Details
    • $998,000
      4,138 SF

      Updated Hemet Quadruplex Investment Opportunity

      Updated quadruplex with strong investment potential in a growing market.
      962 Monarch, Hemet, CA 92543
      View Details
    • $2,085,000
      7,689 SF

      Hemet Commercial Property For Sale

      Commercial property with shop and office space in Hemet, CA.
      3630 E Florida, Hemet, CA 92544
      View Details
    • $2,750,000
      15,700 SF

      Hemet Commercial Property For Sale

      Commercial property in Hemet, CA with development opportunities.
      1687 E Florida, Hemet, CA 92544
      View Details
    • $1,600,000
      10,660 SF

      Income-Producing Commercial Property Opportunity

      High-visibility commercial property with diversified revenue and growth potential.
      162 N San Jacinto St, Hemet, CA 92543
      View Details
    • $535,000
      2,240 SF

      Spacious Duplex in Hemet, CA

      Hemet duplex with two units, garages, and yards.
      41844 Briarwood Avenue, Hemet, CA 92544
      View Details
    • $995,000

      Hemet Townhome Project Land

      2.6-acre townhome project with recorded map in Hemet.
      26405 Girard, Hemet, CA 92544
      View Details
    • $400,000

      Hemet Infill Development Opportunity

      1.86-acre parcel zoned for 26-unit condominium community.
      43125 Andrade, Hemet, CA 92544
      View Details
    • $278,999

      Hemet Commercial Land Opportunity

      Prime commercial land for sale in Hemet, California.
      0 Florida ave, Hemet, CA 92544
      View Details
    • $189,000

      Expansive Hemet Acreage with Views

      17+ acre lot with lake views near Hemet.
      14 Starlight Mesa Drive, Hemet, CA 92544
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Flat 2.47-acre lot suitable for high-density apartment development.
    Where is this residential land & home lot located?
    The property is located at 401 N Santa Fe Street Hemet, CA.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: Preliminary approval for 60 apartment units, potentially up to 74 units under R‑3 zoning.; Large, flat 2.47‑acre (107,519 sq ft) lot in the heart of Hemet.; Rectangular‑shaped lot with frontage on both Santa Fe Street and E Central Avenue.
    (909) 565-0445
    We can help!
    Listing Contact
    Xiaoming Ye
    Real Estate License ID: 02196580
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    401 N Santa Fe Street, Hemet, CA 92543
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!