2750 Devonshire Ave Hemet, CA 92545

This exceptional Hemet property offers a unique investment opportunity encompassing a thriving, established nursery business and a single-family residence on a substantial 1.86-acre lot. Located at 2750 W Devonshire Ave, this corner property benefits from high visibility at the intersection of North Kirby Street and Devonshire Avenue. The nursery, operating successfully since 2003, holds a Conditional Use Permit (CUP) for its current operation. The property includes four buildings totaling 4,500-5,500 square feet, with the residence boasting 2,883+/- square feet, three bedrooms, and two bathrooms. Built in 1963, this home is currently tenant-occupied. The expansive lot, zoned R3 (High Density Residential), presents significant development potential, allowing for up to 55 multi-family units (apartments or condominiums). The property features both a working well and city water access. The asking price is $1,750,000, reflecting a pro-forma cap rate of 6.94% and a pro-forma NOI of $121,448. Detailed financials are available upon request. Please respect the privacy of tenants and employees. This is a fee simple ownership with no ground lease. The property's land value is $21.59/SF.