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DESCRIPTION

HIGHLIGHT: Anchored Tenants Include: Rent-A-Center, True Value Hardware, US Post Office, Taco Bell (NAP) & Big Lots (NAP). Vacant Pad With Florida Ave. Frontage / Tremendous Upside ProForma CAP Rate of 7.00%, Property is currently 75% +/- Occupied With 70% Economic Occupancy. / Attractive Current Cap Rate of 5.99%. Recently Executed New 5-Year Lease With Built-in Rental Increases for Discount Retailer Occupying 7,275 SF / The offering represents a true value-add asset, with below market rents, month-to-month tenants and a are opportunity to reposition a pad building. / Signalized Corner Lot Anchored by New Taco Bell (NAP). Neighboring Rental Comparables Illustrate a 90%-95%. / Property wide rents average $0.83 PSF/month. Existing rents will be easily replaced or improved as leases roll. / Seasoned Tenancy. Anchored Tenants include Rent-A-Center, True Value Hardware, US Post Office, Taco Bell (NAP) & Big Lots (NAP). The Hemet Town Plaza (the property) a single story, multi-tenant center is located in the city of Hemet, Riverside County California. The property is currently 75% +/- occupied. Ideally located on Florida Avenue, which is a Major Regional Thoroughfare for the immediate trade area and providing excellent street frontage. The plaza consists of (3) APN's with (4) Separate Buildings and a total of 4.56 acres of Land. Available suites ranging 750-7,7275 Sq. Ft. with ample parking also make this property an excellent location for a diverse tenant base. Surrounding Retail Properties demonstrate a constant growing market and operate near 90% Occupancy. Potential Investors may have the opportunity to produce significant cash flow through aggressive management, marketing, continued rehabilitation and stabilization of the asset. Currently 75% Occupied, this property has tremendous upside with a ProForma CAP Rate of 7.00%.

KEY DETAILS
  • Price:
  • $6,895,000
  • Bedrooms:
  • 0
  • Full Baths:
  • 0
  • Square Footage:
  • 58,035
  • Acreage:
  • 4.56
  • MLS #:
  • IV22107540
  • Street Address:
  • 1995 E Florida Ave
  • City:
  • Hemet
  • State:
  • CA
  • Postal Code:
  • 92544
  • County:
  • Riverside
  • Area:
  • Not Defined
  • Listing Status:
  • For Sale - Active

Building

  • Total Building Square Footage:
  • 58035

Business

  • Annual Insurance Expenses:
  • 12500
  • Annual Maintenance Expenses:
  • 18335
  • Net Operating Income:
  • 412794
  • Operating Expense:
  • 198384

Land

  • Approximate Lot Size Range Source:
  • Assessor
  • Lot Features:
  • Lot Over 40000 Sqft
  • Lot Size:
  • 4.56
  • Lot Square Footage:
  • 198633.6

Listing

  • On Market Date:
  • 2022-05-20
  • Originating Mls:
  • Crmls
  • Terms:
  • Submit

Money

  • Property Taxes:
  • $78,290
  • Tax Year:
  • 2022

Systems

  • Existing Water:
  • Public

Source

  • Provided By:
  • Listing Agent ALBERT LE with LE INVESTMENT GROUP

    CACRMLS
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