Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1003 Devonshire Ave Hemet, CA 92543-3054
    Back to Search
    Property profile & analytics

    1003 Devonshire Ave, Hemet, CA 92543-3054

    View on Map
    • Retail space
    • 2,284 SF
    • 0.77 lot acres
    Off-Market
    Last Sale May 3, 2023
    $1,500,000
    Property ID
    US10-2936293
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $1,525,000
    Show details
    Cap Rate Potential
    2.1%
    Retail space
    Location Intelligence

    Current Use by Public Records

    • CVS / Cosmetic Store
    • CVS Pharmacy / Pharmacy
    • CDReload at CVS / Crypto Atm
    • Coinhub Bitcoin ATM Teller / Atm
    • CVS Photo / (Bike/Boat/Book/etc) Store

    Property Details for 1003 Devonshire Ave

    Year built
    1999
    Construction
    WOOD
    Lot size
    0.77 lot acres
    Zone code
    RP
    Property type
    Retail space
    APN
    445-350-020
    APU
    445350020

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 3, 2023 — Jean Cheng Jean Cheng Intrafamily Transfer · related —
    Oct 12, 2017 — Jean Cheng — Deed · related $250k · New Omni Bk NA
    Aug 4, 2015 $1,500,000 Jean Cheng Genagates INC Grant Deed $900k · East West Bank
    Aug 4, 2015 — Jean Cheng Pan,james Quit Claim Deed · related —
    Aug 6, 2013 $2,450,000 Genagates INC Spriggs Family Trust Grant Deed $1.4M · American Continental Bank
    Aug 6, 2013 — Betty Spriggs Spriggs,everett L Affidavit Of Death · related —
    Mar 1, 2005 $2,500,000 Spriggs Family Trust Atiya,wasef Grant Deed $1.5M · Wasef Atiya
    — — Jean Cheng — Deed Of Trust · related $940k · New Omni Bk NA
    — — Jean Cheng — Deed Of Trust · related $250k · New Omni Bk NA

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,585,000
      ML approach
      $1,510,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,340,000
      NEIGHBORHOOD: SHOPPING CENTER
      $1,965,000
      AUTO REPAIR, GARAGE
      $985,000

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Hemet
    County
    Riverside
    State
    California
    Longitude
    -116.962
    Latitude
    33.751
    CBSA code
    40140
    CBSA name
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $8,584
    $451,581
    $269,257
    $720,838
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $3,035,000
      16,222 SF

      1400 Florida Ave

      RETAIL STORES (PERSONAL SERVICES)
      1400 Florida Ave, Hemet, CA 92543-3809
      View Details
    • Value Estimation by Request
      3,180 SF

      408 Florida Ave

      RETAIL STORES (PERSONAL SERVICES)
      408 Florida Ave, Hemet, CA 92543-4210
      View Details
    • Value Estimation
      $13,860,000
      79,683 SF

      869 Florida Ave

      RETAIL STORES (PERSONAL SERVICES)
      869 Florida Ave, Hemet, CA 92543-4070
      View Details
    • Value Estimation by Request
      0.14 Acres

      150 Carmalita St

      RETAIL STORES (PERSONAL SERVICES)
      150 Carmalita St, Hemet, CA 92543-4230
      View Details
    • Value Estimation by Request
      4.60 Acres

      1000 Palm Ave

      RETAIL STORES (PERSONAL SERVICES)
      1000 Palm Ave, Hemet, CA 92543
      View Details
    • Value Estimation by Request
      1.37 Acres

      250 Lyon Ave Ste D

      STORE, RETAIL OUTLET
      250 Lyon Ave Ste D, Hemet, CA 92543-3871
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      15,337 SF

      Hemet Retail/Office/Medical Building

      Freestanding building suitable for retail, office, or medical use.
      503-529 N San Jacinto St, Hemet, CA 92543
      View Details
    • Contact for pricing
      5,477 SF

      Hemet Retail/Office/Medical Building

      Freestanding building suitable for retail, office, or medical use.
      535-537 N San Jacinto St, Hemet, CA 92543
      View Details
    • Contact for pricing
      3,219 SF

      Hemet Retail Opportunity on Corner

      3,219 SF retail building on a signalized corner.
      103 E Stetson Ave, Hemet, CA 92543
      View Details
    • $800,000
      4,800 SF

      Leased Retail Storefront

      Storefront retail property leased to a furniture store, offering established occupancy for a buyer.
      280 N San Jacinto St, Hemet, CA 92543
      View Details

    Similar Nearby for Lease

    • $1.50 SF/Yr

      Modern Hemet Workspace for Rent

      Exceptional Hemet property with modern design, flexible floor plans.
      43430 East Florida Ave, Hemet, CA 92543
      View Details
    • Contact for pricing
      1,125 SF

      Retail Space in Hemet Plaza

      Retail space available within a busy shopping center.
      284 E Stetson Ave, Hemet, CA 92543
      View Details
    • $1.25 SF/Yr

      Retail Space in Hemet, CA

      650 SF retail space for lease in Hemet.
      300 N San Jacinto St, Hemet, CA 92543
      View Details
    • Contact for pricing
      7,199 SF

      Retail Space on San Jacinto

      Retail space available for lease on San Jacinto Street.
      561-571 S San Jacinto St, Hemet, CA 92543
      View Details
    • Contact for pricing

      Freestanding Retail Building For Lease

      Freestanding retail building with drive-thru potential in high-traffic area.
      1799 East Florida Ave East, Hemet, CA 92543
      View Details
    • Contact for pricing

      Commercial Space on Florida Avenue

      7,000 SF commercial space for lease on Florida Avenue.
      611 W Florida Ave, Hemet, CA 92543
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1003 Devonshire Ave
    Hemet, CA 92543-3054
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1003 Devonshire Ave, Hemet, CA, 92543
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!