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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2880 Florida Ave Hemet, CA 92545

    • Commercial real estate
    • 2,200 SF
    • 0.63 lot acres
    OFF-MARKET
    Last Sale
    Jul 31, 2023
    $1,300,000
    Value Estimations
    $1,360,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-2338372
    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.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 2880 Florida Ave

    Year built
    1989
    Construction
    WOOD
    Lot size
    0.63 lot acres
    Property size
    2,200 SF
    Zone code
    CPS
    Property type
    Commercial real estate
    APN
    448-310-021
    APU
    448310021

    Description

    This exceptional 2,561 square foot drive-thru restaurant pad presents a remarkable opportunity in the thriving Hemet, California market. Situated on a 0.62-acre lot at 2880 W Florida Ave, this single-tenant property boasts a highly desirable location at the intersection of West Florida Avenue and Sanderson Avenue. The area is a hub of quick-service restaurants (QSRs), with established businesses such as In-N-Out Burger, Raising Cane's, The Habit Burger Grill, Starbucks, and Dutch Bros Coffee already present at this intersection, ensuring high visibility and significant foot traffic. The property is currently vacant, offering flexibility for build-to-suit (BTS) development or a ground lease arrangement. This prime location in Riverside County, zip code 92545, provides unparalleled access to a dense population base and offers substantial potential for a successful QSR operation. The property's size and location make it an ideal investment for those seeking a high-return opportunity in a rapidly growing market. This is a rare chance to establish a presence in one of Hemet's most sought-after commercial corridors. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,415,000
      ML approach
      $1,435,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,250,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,895,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Hemet
    County
    Riverside
    State
    California
    Longitude
    -117.001
    Latitude
    33.7479
    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
    $15,122
    $1,300,000
    $0.00
    $1,300,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      1.02 Acres

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    • Value Estimation by Request
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      2750 Devonshire Ave

      Mixed-use properties • 4,500 SF
      2750 Devonshire Ave, Hemet, CA 92545
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    • Value Estimation
      $20,465,000
      2.05 Acres

      150 Carriage Cir

      COMMERCIAL (GENERAL) • 2.05 Acres
      150 Carriage Cir, Hemet, CA 92545-9610
      View Details
    • Value Estimation by Request
      2.93 Acres

      1135 Sanderson Ave, Unit D

      COMMERCIAL (GENERAL) • 2.93 Acres
      1135 Sanderson Ave, Hemet, CA 92545-9047
      View Details
    • Value Estimation
      $1,275,000
      8,100 SF

      1035 Cawston Ave

      COMMERCIAL (GENERAL) • 8,100 SF
      1035 Cawston Ave, Hemet, CA 92545-9793
      View Details
    • Value Estimation by Request
      2,280 SF

      35325 State Hwy 74

      COMMERCIAL (GENERAL) • 2,280 SF
      35325 State Hwy 74, Hemet, CA 92545-3411
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      108,029 SF

      Hemet Land: Build-to-Suit Opportunity

      Prime Hemet location, 2 acres, high traffic.
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      Retail Anchor Space Available

      20,001 SF anchor retail space for lease.
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      280,090 SF

      Zanderson Plaza: Prime Retail Land

      Restaurant, Retail, & Anchor Opportunities
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    • Contact for pricing

      Dominant Shopping Center in Hemet

      Prominent shopping center with high visibility and convenient access.
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      Hemet Retail Pads - Highway 74

      Prime Hemet location, drive-thru ready.
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    • $1.39 SF/Yr
      176,596 SF

      Regional Shopping Center Space Available

      Suites available in a bustling regional shopping center.
      4672 West Florida Ave, Hemet, CA 92545
      View Details
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    2880 Florida Ave
    Hemet, CA 92545
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    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
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