509 E Central AVE, Hemet, CA 92543 - MLS#CV25151759

Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID CV25151759

HOA Y/N No

Year Built 1991

Lot Size 0.370 Acres

Property Sub-Type Apartment

Property Description

1990's construction priced at a Current 8.29 GRM and 8% CAP Rate!!! We are pleased to exclusively present this well-maintained 8-unit multifamily asset, perfectly positioned to generate immediate cash-flow and long-term value. Built in the 1990s and offered well below replacement cost at just $199 per square foot, this property presents a rare blend of newer construction, strong tenant appeal, and robust financial performance. Boasting an excellent unit mix of (4) spacious 3-Bed/2-Bath units and (4) well-designed 2-Bed/2-Bath units, this building attracts a stable tenant base seeking comfort and convenience. Each residence comes with private balconies or patios, central A/C and heat, and its own private 2-car garage—a luxury not often found in multi-family assets. Investors will appreciate the recent capital improvements: 7 of the 8 units have been tastefully remodeled, featuring new dual-pane windows, fresh paint, modern flooring, and updated kitchens. The property offers private gated entry, ample onsite parking, and is set up to minimize deferred maintenance concerns. Financial highlights include a Current GRM of 8.29 and a Cap Rate of 8.05%, making this a compelling addition to any portfolio. With solid in-place income and continued rental upside, this asset offers both immediate returns and future growth potential. Don't miss the opportunity to acquire a low-maintenance, high-yield property in a desirable rental market. This property is part of a 13 unit portfolio for sale in Hemet (additional Tri-Plex see MLS#CV25148426 and Duplex units property see MLS#CV25148384)

Location

State CA

County Riverside

Area Srcar - Southwest Riverside County

Zoning R3

Interior

Heating None

Cooling Central Air

Fireplaces Type None

Fireplace No

Laundry None

Exterior

Parking Features Garage

Garage Spaces 16.0

Garage Description 16.0

Fence Block,Wrought Iron

Pool None

Community Features Hiking,Sidewalks

Utilities Available Electricity Available,Natural Gas Available,Sewer Available,Water Available

View Y/N No

View None

Roof Type Shingle

Total Parking Spaces 20

Private Pool No

Building

Lot Description 6-10 Units/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 446091031

Security Features Security Gate

Acceptable Financing Cash to New Loan

Listing Terms Cash to New Loan

Special Listing Condition Standard