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)
Property Details
Price:
$1,725,000
MLS #:
CV25151759
Status:
Active
Baths:
0
Address:
509 E Central Avenue
Type:
Residential Income
Subtype:
Apartment
Neighborhood:
srcarsouthwestriversidecounty
City:
Hemet
Listed Date:
Jul 7, 2025
State:
CA
ZIP:
92543
Lot Size:
16,117 sqft / 0.37 acres (approx)
Year Built:
1991
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Schools
Interior
Cooling
Central Air
Fireplace Features
None
Heating
None
Exterior
Community Features
Hiking, Sidewalks
Fencing
Block, Wrought Iron
Garage Spaces
16.00
Lot Features
6-10 Units/ Acre
Parking Features
Garage
Parking Spots
20.00
Pool Features
None
Roof
Shingle
Security Features
Automatic Gate
Sewer
Public Sewer
Spa Features
None
Stories Total
2
View
None
Water Source
Public
Financial
Association Fee
0.00
Tenant Pays
Electricity, Gas
Utilities
Electricity Available, Natural Gas Available, Sewer Available, Water Available
Map
Community
- Address509 E Central Avenue Hemet CA
- AreaSRCAR – Southwest Riverside County
- CityHemet
- CountyRiverside
- Zip Code92543
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509 E Central Avenue
Hemet, CA
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