1353 E Devonshire Ave, Hemet, CA 92544

Building Details

Building Size 30,114 SF More

Year Built 1970 More

Buildings 1 More

Stories 2 More

Listing Agency: COMPASS Show Phone

Listed By: JOSEPH HAMILTON · License #02155488

Source: Goatndime

Added: Sep 22 Changed: Nov 7 Last Checked: Nov 7 at 5:56PM

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Investment Insights

Based on property information with market context.

This two-level facility contains 30,114 square feet on approximately 0.74 acres. Its 50 bedrooms each have a private full bathroom. The first floor has 16 bedrooms, shared living and multipurpose rooms, dining space, offices, service and storage areas, laundry, three stairways, and an elevator. The upper level contains 34 bedrooms, a communal living room, service and storage rooms, three stairways, and an elevator. A courtyard connects to the dining room and select bedrooms. Built in 1970, the property previously served as assisted living and is associated with a conditional use permit for a 100-bed skilled nursing facility. Hemet Valley Medical Center and downtown Hemet amenities are nearby.

Key Highlights

• 30,114‑square‑foot facility on approximately 0.74 acres
• Two floors with 50 bedrooms, each with a private full bathroom
• Conditional use permit associated with a 100‑bed skilled nursing facility

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$306,190

Cap Rate

6.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,123,800 $6.1M

Cap Rate 7%

$4,374,143 $4.4M

Cap Rate 9%

$3,402,111 $3.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 30,114 SF

Gross rent

$556.5K $18.48/SF

− Vacancy

−$46.2K −$1.53/SF

EGI

$510.3K $16.95/SF

− OpEx

−$204.1K −$6.78/SF

NOI

$306.2K $10.17/SF

Area

Riverside County, CA

Vacancy

8.30%

Lease Rate

$18.48 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,123,800

Cap Rate 7%

$4,374,143

Cap Rate 9%

$3,402,111

Alternative Uses

Best Use

Apartment 5plus

$6.96M

$6.09M – $8.12M (±1% cap)

NOI $487,440 @ 7.0% cap · market cap 9.76%

Second Best

Healthcare Medical

$4.37M

$3.83M – $5.10M (±1% cap)

NOI $306,190 @ 7.0% cap · market cap 6.13%

Theoretical Best

Office A

$9.02M

$7.89M – $10.53M (±1% cap)

NOI $631,515 @ 7.0% cap · market cap 12.64%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Assisted living facilities

Suggested Use

Top Pick Parking Lot & Garage Electrical Service (Bike/Boat/Book/etc) Store Acupuncture Grocery & Convenience Store Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,603

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 92544, CA

50,007

Population

17,568

Households

2.8

Avg Household Size

37

Median Age

14%

College-Educated

81%

High-School Grad

170.8 sq mi

ZIP Area

293

Density / Sq Mi

$67,011

Median Household Income

$37,785

Median Earnings

$1,530

Median Rent

$356,200

Median Home Value

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Similar Off Market Nearby

• Legacy Assisted Living — 320 S San Jacinto St, Hemet, CA 92543
• Hemet Home Health Care — 233 S Carmalita St, Hemet, CA 92543
• Retired Senior Volunteer — 418 E Florida Ave, Hemet, CA 92543
• Odyssey Hospice — 120 S Juanita St, Hemet, CA 92543
• Desert Hills Memory Care Center — 25818 Columbia St, Hemet, CA 92544

Frequently Asked Questions

What type of property is this?

Assisted living facility - Fifty private-bath bedrooms, shared gathering rooms, elevators, and a courtyard serve the facility’s care-oriented layout.

Where is this assisted living facility located?

The property is located at 1353 E Devonshire Ave Hemet, CA.

What is the asking price?

The asking price for this property is $4,995,000.

What are key features of this property?

This property features: 30,114‑square‑foot facility on approximately 0.74 acres; Two floors with 50 bedrooms, each with a private full bathroom; Conditional use permit associated with a 100‑bed skilled nursing facility