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Multifamily

123 N Inez St

123 N Inez St, Hemet, CA 92543

Listing Price: $3,219,944

Cap Rate
5.47%
Number of Units
28
GRM
7.67
Occupancy
100.0%
Price/Unit
$114,998

Investment Overview

Marcus & Millichap is pleased to exclusively present the opportunity to acquire 123 North Inez Street, a 28-unit multifamily investment property in the city of Hemet, California. The offering consists of multiple duplexes and cottage-style single-story units that were constructed between 1920 to 1968. The buildings sit on a single parcel of 0.91 acres (39,640 square feet) with approximately 200 feet of frontage on North Inez Street (east) and 100 feet of frontage on North Alessandro Street (west). The offering includes six studio/1-bathroom floor plans, twenty one-bedroom/one-bathroom floor plans, and two two-bedroom/one-bathroom floor plans. The buildings offer pitched roofs and were renovated with freshly painted exteriors. Selected units offer new vinyl flooring, new kitchen and bathroom cabinetry, new windows, and a private front/back patio. Each unit is equipped with a wall-unit air conditioning. The majority of units (22) are master metered for utilities. Six units are individually metered for gas, electricity and have individual hot water heaters. For parking, there are approximately twelve open parking spaces and other tandem parking spaces.

The offering is located just north of East Florida Ave, also known as State Route 74, the principle thoroughfare that takes commuters west to the I-5 in San Juan Capistrano, Orange County and east to the city limits of Palm Desert. Major department stores and grocery stores including Walmart, Grocery Outlet, Sprouts, Target, Walgreens, Smart & Final, and Stater Bros. Markets are within three-mile drive from the subject property. In addition, the city of Hemet is surrounded by multiple outdoor and indoor recreational opportunities for all ages including Valley Vista Community Center, Weston Park, Seven Hills Golf Club, and most famous of all, Diamond Valley Lake. The lake is one of the largest and newest reservoirs in Southern California with a capacity of 800,000 acre-feet and is world-renowned for its black bass fishing.

123 North Inez Street is centrally located with only minutes’ walk away from Downtown Hemet. Downtown Hemet is a vibrant community hub of the San Jacinto Valley and a unique destination that attracts tourists with its well preserved and diverse architecture, historic buildings, and small-town charm. It is divided into seven distinct districts or neighborhoods: Downtown Village District, Weston Park District, Transit Oriented District, Hemet Stock Farm District, West Latham District, Kimball Avenue Neighborhood, and Franklin Street Neighborhood. Downtown Hemet takes pride in its local traditions and history, including its agricultural past, the celebrations of the Ramona Pageant, and a rich arts community. The city hosts weekly farmer’s market and street fair that highlights local small businesses, homemade vendors, and local farms.

Investment Highlights

  • Excellent Location - Minutes' Walk to Downtown Hemet
  • Mix of Studios, One-Bedroom & Two-Bedroom Floor Plans
  • New Vinyl Flooring, New Windows, New Cabinetry (Selected Units)
  • Private Front/Back Patio (Selected Units)
  • Population In Excess of 172,000 Within a Five-Mile Radius
  • Average Household Income Over $73,000 Within a Five-Mile Radius

Exclusively Listed By

Financing By

Multifamily

123 N Inez St

Listing Price: $3,219,944

Cap Rate
5.47%
Number of Units
28
GRM
7.67
Occupancy
100.0%
Price/Unit
$114,998

Investment Highlights

  • Excellent Location - Minutes' Walk to Downtown Hemet
  • Mix of Studios, One-Bedroom & Two-Bedroom Floor Plans
  • New Vinyl Flooring, New Windows, New Cabinetry (Selected Units)
  • Private Front/Back Patio (Selected Units)
  • Population In Excess of 172,000 Within a Five-Mile Radius
  • Average Household Income Over $73,000 Within a Five-Mile Radius

Investment Overview

Marcus & Millichap is pleased to exclusively present the opportunity to acquire 123 North Inez Street, a 28-unit multifamily investment property in the city of Hemet, California. The offering consists of multiple duplexes and cottage-style single-story units that were constructed between 1920 to 1968. The buildings sit on a single parcel of 0.91 acres (39,640 square feet) with approximately 200 feet of frontage on North Inez Street (east) and 100 feet of frontage on North Alessandro Street (west). The offering includes six studio/1-bathroom floor plans, twenty one-bedroom/one-bathroom floor plans, and two two-bedroom/one-bathroom floor plans. The buildings offer pitched roofs and were renovated with freshly painted exteriors. Selected units offer new vinyl flooring, new kitchen and bathroom cabinetry, new windows, and a private front/back patio. Each unit is equipped with a wall-unit air conditioning. The majority of units (22) are master metered for utilities. Six units are individually metered for gas, electricity and have individual hot water heaters. For parking, there are approximately twelve open parking spaces and other tandem parking spaces. The offering is located just north of East Florida Ave, also known as State Route 74, the principle thoroughfare that takes commuters west to the I-5 in San Juan Capistrano, Orange County and east to the city limits of Palm Desert. Major department stores and grocery stores including Walmart, Grocery Outlet, Sprouts, Target, Walgreens, Smart & Final, and Stater Bros. Markets are within three-mile drive from the subject property. In addition, the city of Hemet is surrounded by multiple outdoor and indoor recreational opportunities for all ages including Valley Vista Community Center, Weston Park, Seven Hills Golf Club, and most famous of all, Diamond Valley Lake. The lake is one of the largest and newest reservoirs in Southern California with a capacity of 800,000 acre-feet and is world-renowned for its black bass fishing. 123 North Inez Street is centrally located with only minutes’ walk away from Downtown Hemet. Downtown Hemet is a vibrant community hub of the San Jacinto Valley and a unique destination that attracts tourists with its well preserved and diverse architecture, historic buildings, and small-town charm. It is divided into seven distinct districts or neighborhoods: Downtown Village District, Weston Park District, Transit Oriented District, Hemet Stock Farm District, West Latham District, Kimball Avenue Neighborhood, and Franklin Street Neighborhood. Downtown Hemet takes pride in its local traditions and history, including its agricultural past, the celebrations of the Ramona Pageant, and a rich arts community. The city hosts weekly farmer’s market and street fair that highlights local small businesses, homemade vendors, and local farms.

Exclusively Listed By

Financing By

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