1995 Florida AveHemet, CA 92544

Property Details for 1995 Florida Ave

Year built

1986

Construction

WOOD

Lot size

0.45 AC

Property size (Sq ft)

3,660 SF

Zone code

C1

Property type

Retail properties

Property subtype

Banks

APN

445-280-038

APU

445280038

Description

This ±3,775 square foot freestanding retail building in Hemet, California, presents a unique investment opportunity. Located at 1995 E Florida Ave, on a signalized intersection at the southwest corner of E. Florida Ave and Yale Street, this property boasts exceptional visibility to an estimated 26,688 cars per day. The building, currently vacant at 3,660 square feet, is suitable for a variety of retail uses, previously operating as a bank with a drive-thru. The property is available for either a ground lease or outright purchase. The strong demographics of the area support this opportunity, with a daytime population of 11,745 and an overall population of 66,446 within a 3-mile radius, boasting an average household income exceeding $82,200. This location benefits from its proximity to major retailers including Walmart Neighborhood Market, Stater Bros, Harbor Freight, Grocery Outlet, Planet Fitness, Starbucks, True Value, Taco Bell, and Rent-A-Center. For owner-users, Small Business Administration financing is available, with down payments as low as 10%. With a 10% down payment ($139,000), the estimated monthly loan payment is approximately $8,074, resulting in an estimated cost to occupy (and own) of roughly $1.61 per square foot per month. This represents a potentially significant cost savings compared to leasing, while also offering the benefit of asset appreciation. SBA financing allows for leasing up to 49% of the building, further reducing occupancy costs. This property is situated in Riverside County, CA, zip code 92544.

• CAP approach

  CAP return

  Valuation

  6%

  $1,478,696

  6.5%

  $1,364,951

  7%

  $1,267,454

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,617,957

  Geo Method

  $3,246,290

• Alternative Use

  Use

  Valuation

  Residential

  $1,151,387

  Hospitality

  $1,054,664

  Educational

  $877,468

  Medical

  $907,646

  Retail

  $1,364,951

Location Insight

City

Hemet

County

Riverside

State

California

Latitude

33.7473

Longitude

-116.951

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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