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    42021 E Florida Ave Hemet, CA 92544

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    Former Rite Aid building available for sale or lease.

    Property size:
    17,340 SF
    Lot size:
    67,518.00 Acres

    Property Features for 42021 E Florida Ave

    General Information

    Standard status
    Active
    Zoning
    C3
    Size
    17,340 SF
    Lot size
    67,518.00 Acres

    Building Details

    Year built
    2009

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    Listing Contact
    Ara Rostamian
    Source: Crexi

    Listing Agency: Marcus & Millichap - Los Angeles Listing Agent: Ara Rostamian

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Former Rite Aid Value-Add Opportunity

    Located at 42021 East Florida Avenue, this former Rite Aid building presents a prime infill value-add opportunity through repositioning or redevelopment. Constructed in 2008, the property totals approximately 17,340 square feet on a 1.55-acre lot (67,518 square feet). The building is available for sale at a price below replacement cost, or for lease at market rates. The interior is expansive, suitable for a variety of uses, with ceiling heights ranging from 14 to 19 feet. It includes a functional drive-thru and a designated ground-level loading area at the back. The property features excellent visibility with signage opportunities on both sides, as well as an existing monument sign on East Florida Avenue. The site benefits from a signalized hard corner location at the intersection of Florida Avenue and South Meridian Street, which experiences over 29,000 cars per day. Ingress and egress are efficiently positioned before the intersection with two-way curb cuts. The parking ratio is 5.04 spaces per 1,000 square feet, totaling 87 parking stalls. The site includes fortified and secured trash enclosures. Situated in Hemet’s premier retail hub, the property benefits from strong retail synergy, with over 2.2 million square feet of national and regional tenants within a two-mile radius serving Hemet and San Jacinto. The location is supported by strong demographics, comprising 159,469 people within a five-mile radius and an average household income of approximately $76,369.
    Location Intelligence

    Current Use by Public Records

    Chung Y. Pyo, ... Pharmacy Coinhub Bitcoin ATM ... Atm higi Physician Rite Aid Pharmacy LibertyX Bitcoin ATM Atm

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Similar Places Nearby

    Chung Y. Pyo, Lac, Rite Aid Pharmacy, Walgreens Pharmacy, Megan Yu, Haidi Vattolo

    Location Insight

    • Map
    • Local Demand
    City
    Hemet
    County
    Riverside
    State
    California
    Longitude
    -116.9277629
    Latitude
    33.7471636

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    FAQs

    What type of property is this?
    Drug store - Former Rite Aid building available for sale or lease.
    Where is this drug store located?
    The property is located at 42021 E Florida Ave Hemet, CA.
    What are key features of this property?
    This property features: - Prime infill location at a signalized hard corner with high traffic count (over 29,000 cars per day) and excellent visibility.; - Value-add opportunity through repositioning or redevelopment of a former Rite Aid building.; - Located in Hemet's premier retail hub with strong retail synergy and proximity to major national and regional tenants.
    Request Owner's contact information
    42021 E Florida Ave Hemet, CA 92544
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    Hemet, CA 92544
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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.

    More about this property
    42021 E Florida Ave Hemet, CA 92544
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    Listing Contact
    Ara Rostamian
    Real Estate License ID: 01814678
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