2750 Devonshire Ave Hemet, CA 92545
- Commercial real estate
- 4,500 SF
Current Use by Public Records
- Commercial real estate
Property Details for 2750 Devonshire Ave
- Year built
- 1963
- Property size
- 4,500 SF
- Property type
- Commercial real estate
- APN
- 448270013
Description
This exceptional Hemet property offers a unique investment opportunity encompassing a thriving, established nursery business and a single-family residence on a substantial 1.86-acre lot. Located at 2750 W Devonshire Ave, this corner property benefits from high visibility at the intersection of North Kirby Street and Devonshire Avenue. The nursery, operating successfully since 2003, holds a Conditional Use Permit (CUP) for its current operation. The property includes four buildings totaling 4,500-5,500 square feet, with the residence boasting 2,883+/- square feet, three bedrooms, and two bathrooms. Built in 1963, this home is currently tenant-occupied. The expansive lot, zoned R3 (High Density Residential), presents significant development potential, allowing for up to 55 multi-family units (apartments or condominiums). The property features both a working well and city water access. The asking price is $1,750,000, reflecting a pro-forma cap rate of 6.94% and a pro-forma NOI of $121,448. Detailed financials are available upon request. Please respect the privacy of tenants and employees. This is a fee simple ownership with no ground lease. The property's land value is $21.59/SF.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hemet
- County
- Riverside
- State
- California
- Longitude
- -116.99810803513
- Latitude
- 33.75097857405
