1101 Florida Ave Hemet, CA 92543-3951
- Bars
- 3,804 SF
- 0.32 lot acres
Nov 12, 2020
Current Use by Public Records
- Bars
Property Details for 1101 Florida Ave
- Year built
- 1963
- Construction
- TILT-UP CONCRETE
- Lot size
- 0.32 lot acres
- Property size
- 3,804 SF
- Zone code
- C1
- Property type
- Bars
- Property subtype
- Pubs
- APN
- 442-100-010
- APU
- 442100010
Description
This exceptional investment opportunity presents a 13,939 square foot commercial lot in Hemet, California, situated on a high-traffic corner. The property includes a single-story building, constructed in 1963, encompassing 3,804 square feet of net rentable space divided into two units. Currently, 75% of the space is occupied by a bar/restaurant, generating a current NOI of $23,900. The property boasts a pro-forma NOI of $73,776, reflecting significant upside potential by leasing the remaining vacant space at market rates. The sale includes 20 parking spaces. The lot is zoned C1 and offers a land value of $1.75 per square foot. The asking price is $699,900, representing a current cap rate of 3.41% and a pro-forma cap rate of 10.54%. The existing tenant is on a month-to-month lease, and the property is being sold as-is. The buyer assumes responsibility for the existing tenant; please do not disturb the tenant. This is a rare opportunity to acquire a well-located commercial property with substantial income potential in a thriving market. The property's address is 1101 W Florida Ave, Hemet, CA 92543. The APN is 442-100-010.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hemet
- County
- Riverside
- State
- California
- Longitude
- -116.983
- Latitude
- 33.7471
- CBSA code
- 40140
- CBSA name
- RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA
