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    Dual-Frontage Retail Suites Title is generated by Realmo AI

    2888 E Florida Ave, Hemet, CA 92544

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    Multi-tenant storefront suites with dual street frontage and on-site parking for immediate occupancy.

    Type:Retail
    Property size:
    14,750 SF
    Added:
    May 31, 2026
    Days on Market:
    7
    Last Refresh:
    Jun 6 at 5:50 am

    Property Features for 2888 E Florida Ave

    General Information

    Standard status
    Active
    Size
    14,750 SF
    Property subtype
    Retail

    Building Details

    Year Built
    2008

    Spaces For Lease

    at 2888 E Florida Ave Contact us

    We can help!

    Listing Contact
    Robert Mendieta, CCIM
    Robert Mendieta, CCIM

    Listing agent Robert Mendieta, CCIM License #CA 01422904

    Listing office KW Commercial Redlands

    Listing date May 31, 2026

    Source Crexi

    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 KW Commercial Redlands

    HighLights

    • ±14,750 SF multi‑tenant retail center built in 2008 with three retail suites available
    • NWC location on East Florida Ave (Hwy 74) and Cornell St with dual street frontage
    • Ample on‑site surface parking and ±52,000 ADT exposure reported
    • Suites offered in built‑out and vanilla‑shell condition with immediate occupancy and negotiable TI allowances
    • Asking rent $0.90/SF NNN
    • Adjacent to Hemet Global Medical Center; trade area of approx. 142,500 residents within 3 miles

    Overview

    Cornell Plaza offers three retail suites within a multi-tenant retail center totaling approximately 14,750 SF, built in 2008. The property is positioned on a high-visibility hard corner and features dual street frontage plus ample on-site surface parking. Suites are available in both built-out and vanilla-shell condition, providing flexibility for retailers looking to move in quickly while tailoring finish-out as needed.

    The center sits at the northwest corner of East Florida Avenue (Hwy 74) and Cornell Street in East Hemet. The location provides strong exposure along a busy east–west corridor, with combined estimated visibility of 152,000 ADT. Cornell Plaza is also adjacent to Hemet Global Medical Center, supporting everyday traffic from a nearby healthcare destination. The stated trade area includes approximately 142,500 residents within three miles, along with 110,800+ daytime employees within three miles.

    These available suites are offered for lease at $0.90/SF NNN, with immediate occupancy and negotiable TI allowances. This combination of prominent visibility, flexible suite condition, and nearby daytime activity can be a practical fit for retail concepts seeking a straightforward path to occupancy at Cornell Plaza.
    Location Intelligence

    Current Use by Public Records

    Jazzercise Hemet Fitness ... Gym & Fitness Center Perfect Little Lashes ... Spa & Massage Center SoCal Realtors & Associates Real Estate Agency Mandela PMU Medical Clinic Guild Mortgage Company Consultant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Meridian Commercial Center — 4100 E Florida Ave, Hemet, CA 92544
    • Hemet East Shopping Center — Hemet, CA 92544
    • Tienda Centroamericana — hemet st, hemet, ca 92544
    • Coinstar — stater bros, 41849 florida ave #74, hemet, ca 92544

    Location Insight

    • Map
    • Local Demand
    City
    Hemet
    County
    Riverside
    State
    California
    Longitude
    -116.9417094
    Latitude
    33.7481497

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    FAQs

    What type of property is this?
    Shopping center - Multi-tenant storefront suites with dual street frontage and on-site parking for immediate occupancy.
    Where is this shopping center located?
    The property is located at 2888 E Florida Ave Hemet, CA.
    What are key features of this property?
    This property features: ±14,750 SF multi‑tenant retail center built in 2008 with three retail suites available; NWC location on East Florida Ave (Hwy 74) and Cornell St with dual street frontage; Ample on‑site surface parking and ±52,000 ADT exposure reported
    (909) 835-0429 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Robert Mendieta, CCIM
    Robert Mendieta, CCIM
    Real Estate License ID: CA 01422904
    Learn More
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    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.

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