10-Unit Apartment Property with
New
For Sale
$1,995,000
43611 State Highway 74, Hemet, CA 92544
Apartment community with gated access, on-site laundry, covered parking, and a swimming pool in Hemet.
Property Size8,876 SF
Lot Size0.31 Acres
Price / SF$224.76
Days on Market7
Property Features for 43611 State Highway 74
General Information
Standard status
Active
Size
8,876 SF
Net Rentable
8,250 SF
Total Parking Spaces
24
Lot size
0.31 Acres
Property subtype
Residential Income
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
7 x 2BR/2BA, 3 x 1BR/1BA
Multifamily Units
10
Amenities
swimming pool
gated entry
on-site laundry
central air and heat
individual water heaters
dishwashers
garbage disposals
dual-pane windows
Building Details
Year Built
1968
Listing Agency:
Marcus & Millichap
(604) 675-5200
Listed By:
Oscar Diaz · License #02022902
(213) 943-1884
Source:
Exprealty
Added: Sep 1
Changed: Sep 7
Last Checked: Sep 6 at 2:50PM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
This 10-unit apartment community in Hemet, California, was built in 1968 and occupies a 0.31-acre lot. The unit mix includes seven two-bedroom, two-bath residences and three one-bedroom, one-bath residences. Property amenities include a swimming pool, gated entry, on-site laundry, and 24 parking spaces, including 14 covered spaces.
Each apartment features central air and heat, an individual water heater, dishwasher, garbage disposal, and dual-pane windows. Gas and electricity are separately metered, while ownership pays for water, sewer, and trash. The property is situated along Florida Avenue, described as one of Hemet’s main commercial corridors, with shopping, restaurants, schools, healthcare, and everyday services in the surrounding area.
Hemet is located in Riverside County’s San Jacinto Valley. The local employment base includes healthcare, education, retail, and government, with Menifee, Murrieta, and Temecula providing additional nearby jobs and services.
Each apartment features central air and heat, an individual water heater, dishwasher, garbage disposal, and dual-pane windows. Gas and electricity are separately metered, while ownership pays for water, sewer, and trash. The property is situated along Florida Avenue, described as one of Hemet’s main commercial corridors, with shopping, restaurants, schools, healthcare, and everyday services in the surrounding area.
Hemet is located in Riverside County’s San Jacinto Valley. The local employment base includes healthcare, education, retail, and government, with Menifee, Murrieta, and Temecula providing additional nearby jobs and services.
Key Highlights
- 10‑unit apartment property with seven two‑bedroom/two‑bath units and three one‑bedroom/one‑bath units
- Built in 1968 on a 0.31‑acre lot in Hemet, California
- Swimming pool, gated entry, and on‑site laundry
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
$143,671
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
7.20%
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%
$2,873,420
$2.9M
Cap Rate 7%
$2,052,443
$2.1M
Cap Rate 9%
$1,596,344
$1.6M
Market Conditions
NOI Build-Up for 8,876 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
$266.3K $30.00/SF
− Vacancy
−$5.1K −$0.57/SF
EGI
$261.2K $29.43/SF
− OpEx
−$117.5K −$13.24/SF
NOI
$143.7K $16.19/SF
Area
Riverside County, CA
Vacancy
1.90%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,873,420
Cap Rate 7%
$2,052,443
Cap Rate 9%
$1,596,344
Alternative Uses
Best Use
Apartment 5plus
$2.05M
$1.80M – $2.39M
NOI $143,671 @ 7.0% cap · market cap 7.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.66M
$2.33M – $3.10M
NOI $186,137 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
229
Businesses Nearby
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment community with gated access, on-site laundry, covered parking, and a swimming pool in Hemet.
Where is this apartment building located?
The property is located at 43611 State Highway 74 Hemet, CA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 10‑unit apartment property with seven two‑bedroom/two‑bath units and three one‑bedroom/one‑bath units; Built in 1968 on a 0.31‑acre lot in Hemet, California; Swimming pool, gated entry, and on‑site laundry
