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Property profile & analytics
OFF-MARKET
Estimated value
$920,000
Apartment buildings
205 Devonshire Ave Hemet, CA 92543-8800
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US09-1498224
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1971
Construction
WOOD
Total area
4,032 SF
Lot
0.27 ac (11,761 SF)
Zoning code
R3
APN
443-193-026
UPID
US09-1498224
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$930k
CAP Approach
CAP
$1.01M
Comparable Approach
Comparable
$1.21M
Blend (final)
Blend
$920k
Owner & transaction history
Devonshire Downs Apartments LLC · 4 yrs held
Devonshire Downs Apartments LLC
since 2022
Last sale
$750,000
7 recorded transactions
Zoning & alternative use
R3 · Hemet, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Hemet submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hemet submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,015,000
ML approach
$930,000
CAP Approach
CAP Return
Estimation
6%
$1,090,000
6.5%
$1,005,000
7%
$930,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,425,000
Current use
WAREHOUSE, STORAGE
$1,190,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$920k
Range $828k – $1.01M · ±10% · vs last sale $750k (Jul 14 2022)
Last sale anchor
$750k
Jul 14 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$228 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$7,577
Tax year 2024
Assessed value
$654,300
Assessed 2024
Previous assessed
$654,300
+0.0% YoY
Effective rate
1.16%
On assessed value
Assessed land
$56,100
Assessed improvement
$598,200
Applied tax rate
6.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1971
Construction
WOOD
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
6
Total area
4,032 SF
Lot
0.27 ac (11,761 SF)
Zoning code
R3
APN
443-193-026
UPID
US09-1498224
Jurisdiction
RIVERSIDE
Zoning & alternative use
R3 · Hemet, CA
Zoning R3 · permitted uses
R3 · Hemet, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Hemet. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.4M
WAREHOUSE, STORAGE
Est. value
$1.2M
APARTMENT HOUSE (5+ UNITS) Current
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1971
Construction
WOOD
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
6
Lot
0.27 ac
Current owner
From public records · entity-resolved
Devonshire Downs Apartments LLC
Entity
Mailing address
PO BOX 1709, HEMET, CA 92546-1709
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 30, 2025
—
Devonshire Downs Apartments LLC
—
Deed
related
$895,000 · Union Home Loans
Jul 14, 2022
$750,000
Devonshire Downs Apartments LLC
Eugene A Stock
Grant Deed
$850,000 · Jms Financail INC
Oct 13, 2000
$169,000
Neptune Aquariums INC
Lynde,kevin M & Melissa J
Grant Deed
$68,000 · Seller
Dec 18, 1996
$127,037
Kevin M Lynde
Veiga,fred W & Carol J
Trustees Deed
—
Jul 27, 1995
—
Constr Veiga
Veiga,fred W Etal
Quit Claim Deed
related
—
—
—
Kevin M Lynde
—
Deed Of Trust
related
$70,000 · Jackson Federal Bank
—
—
Eugene A Stock
—
Deed Of Trust
related
$100,000 · Arrowhead Central Cu
—
—
Kevin M Lynde
—
Deed Of Trust
related
$20,000 · Freedom Trust
—
—
Fred W Veiga
—
Deed Of Trust
related
$380,000 · Sunwest Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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