Freestanding Building on Signalized
1995 E Florida Ave Hemet, CA 92544
1995 E Florida Ave, Hemet, CA, 92544
Contact for pricing
For Sale
Contact for pricing
Former bank building or ground lease opportunity in Hemet.
Property Size3,775 SF
Price / SF$313.91
Days on Market910
Property Features for 1995 E Florida Ave
General Information
- Standard status
- Active
- Size
- 3,775 SF
- Property subtype
- Retail
Listing agency
Progressive Real Estate Partners
(909) 900-8922
Listed by
Albert Lopez · License #CA 01409003
Source
Crexi
Added: Jan 23, 2024 Updated: Jul 6 at 8:27AM Checked: Jul 21 at 1:34PM
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 Progressive Real Estate Partners
Investment Insights
Based on property information with market context.
A freestanding building, formerly a bank, is available for sale. The property offers the opportunity to lease the existing approximately 3,775 square foot building or ground lease the parcel for redevelopment. Situated on the southwest corner of E. Florida Avenue and Yale Street, the location benefits from high visibility with approximately 27,720 cars per day. Demographics within a 3-mile radius indicate a daytime population of 20,006 and an overall population of 114,754, with an average household income exceeding $79,576. The surrounding area features a mix of national tenants, including Walmart Neighborhood Market, Stater Bros, Harbor Freight, Grocery Outlet, Planet Fitness, Starbucks, True Value, Taco Bell, and Rent-A-Center. Purchase financing is available to owner-users through the Small Business Administration with down payments as low as 10%. SBA financing allows buyers to lease up to 49% of their building, creating the opportunity to further reduce occupancy costs.
Key Highlights
- Opportunity to own the building with SBA financing, potentially costing less than leasing.
- Located on a signalized intersection with high visibility (±27,720 CPD).
- Freestanding building (±3,775 SF) with ground lease option available.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $81.5k | $21.60 |
| − Vacancy | −$4.2k | −$1.12 |
| EGI | $77.3k | $20.48 |
| − OpEx | −$23.2k | −$6.14 |
| NOI | $54.1k | $14.33 |
3,775 SF · lease $21.60/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$773.0K
$676.4K – $901.8K
NOI $54,110 @ 7.0% cap · market cap 4.57%
Second Best
Specialty Retail
$680.0K
$595.0K – $793.3K
NOI $47,599 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$1.13M
$989.6K – $1.32M
NOI $79,165 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Banks
Similar For Sale Nearby
FAQs
What type of property is this?
Bank - Former bank building or ground lease opportunity in Hemet.
Where is this bank located?
The property is located at 1995 E Florida Ave Hemet, CA.
What is the asking price?
The asking price for this property is $1,185,000.
What are key features of this property?
This property features: Opportunity to own the building with SBA financing, potentially costing less than leasing.; Located on a signalized intersection with **high visibility (±27,720 CPD)**.; **Freestanding building (±3,775 SF)** with ground lease option available.
