123 Inez St Hemet, CA 92543-4169

Property Details for 123 Inez St

Year built

1920

Construction

WOOD

Lot size

0.91 lot acres

Property size

288 SF

Zone code

R3

Property type

Apartment buildings

APN

443-223-008

APU

443223008

Description

This exceptional 28-unit multifamily investment property in Hemet, California, presents a compelling opportunity. The property, situated on a 0.91-acre lot, comprises 19 buildings constructed between 1920 and 1968, featuring a mix of single-story cottage-style units and duplexes. The unit mix includes six studios, twenty one-bedroom, and two two-bedroom apartments, each with one bathroom. Selected units boast recent upgrades, including new vinyl flooring, kitchen and bathroom cabinetry, and windows, along with private patios. All units are equipped with wall-unit air conditioning. Parking is provided by approximately twelve open spaces and additional tandem parking. The property enjoys a desirable location, just north of State Route 74, offering easy access to major transportation arteries and a variety of amenities. Major retailers such as Walmart, Target, and Sprouts are within a three-mile radius. The property also benefits from its proximity to Downtown Hemet, a vibrant community with a rich history and numerous recreational opportunities, including Diamond Valley Lake. The property's strong financial performance is highlighted by a Net Operating Income (NOI) of $176,267 and a cap rate of 5.47%. The asking price is $3,219,944, representing a price per unit of $114,998. Twenty-two units are master-metered for utilities, while six units have individual meters for gas, electricity, and hot water heaters. The property's location within a five-mile radius of a population exceeding 172,000 and an average household income over $73,000 further enhances its investment potential.