509 E Central AVE new Save Request In-Person Tour Request Virtual Tour
Hemet,CA 92543
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