Remodeled Four-Unit Multifamily
New
For Sale
$749,999
191 N Inez St, Hemet, CA 92543
Fenced grounds feature private patios, apartment parking, and substantial updates to two residences.
Property Size2,000 SF
Price / SF$374
Days on Market3
Property Features for 191 N Inez St
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
6
Property subtype
Investment
Financials
Asking Price
$749,999
Cap Rate
7.2%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,650
Amenities
fully fenced
private patios
Building Details
Building Size
2,000 SF
Year Built
1964
Stories
1
Units
4
Listing Agency:
Berkshire Hathaway HomeServices California
Listed By:
Ramiro Jr Montes-Ortiz · License #02248010
(951) 942-8241
Source:
Elliman
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 11 at 10:02AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway HomeServices California
Investment Insights
Based on property information with market context.
This four-unit multifamily property includes four separate apartments totaling 2,000 square feet of living space. The grounds are fully fenced, with a private patio for each unit and 6 parking spaces. Units A and D received complete remodels as of Aug 2026, including kitchen cabinets, flooring, walls, paint, bathrooms, closets, front doors, ceiling fans, screens, and exterior paint. The property was built in 1964 and includes a pest control contract fully paid through Dec 2026.
Located at 191 N Inez St in Hemet, the property is approximately 1 mile from Downtown Hemet and a 7 minute walk from the Hemet Police Dept. Hemet Elementary School and Hemet Adult School are each about a 3 min drive away. The location also provides access to shopping, dining, schools, parks, entertainment, and everyday amenities. The property carries a 7.2% cap rate.
Located at 191 N Inez St in Hemet, the property is approximately 1 mile from Downtown Hemet and a 7 minute walk from the Hemet Police Dept. Hemet Elementary School and Hemet Adult School are each about a 3 min drive away. The location also provides access to shopping, dining, schools, parks, entertainment, and everyday amenities. The property carries a 7.2% cap rate.
Key Highlights
- Four separate apartment units totaling 2,000 square feet of living space
- Units A and D completely remodeled as of Aug 2026
- Private patio provided for each unit within fully fenced grounds
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,140
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.69%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$702,800
$702.8K
Cap Rate 7%
$502,000
$502.0K
Cap Rate 9%
$390,444
$390.4K
Market Conditions
NOI Build-Up for 2,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.1K $25.56/SF
− Vacancy
−$920 −$0.46/SF
EGI
$50.2K $25.10/SF
− OpEx
−$15.1K −$7.53/SF
NOI
$35.1K $17.57/SF
Area
Riverside County, CA
Vacancy
1.80%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$702,800
Cap Rate 7%
$502,000
Cap Rate 9%
$390,444
Alternative Uses
Best Use
Multifamily LT 5
$502.0K
$439.3K – $585.7K
NOI $35,140 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$462.5K
$404.7K – $539.6K
NOI $32,373 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$599.2K
$524.3K – $699.0K
NOI $41,942 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,332
Businesses Nearby
Explore this area
Business Placement
Demographics for 92543, CA
39,323
Population
15,225
Households
2.6
Avg Household Size
37
Median Age
13%
College-Educated
75%
High-School Grad
19.1 sq mi
ZIP Area
2,059
Density / Sq Mi
$47,002
Median Household Income
$34,376
Median Earnings
$1,306
Median Rent
$250,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fenced grounds feature private patios, apartment parking, and substantial updates to two residences.
Where is this quadplex located?
The property is located at 191 N Inez St Hemet, CA.
What is the asking price?
The asking price for this property is $749,999.
What are key features of this property?
This property features: Four separate apartment units totaling 2,000 square feet of living space; Units A and D completely remodeled as of Aug 2026; Private patio provided for each unit within fully fenced grounds
