Investment Overview

Register to bid and access due diligence documents on RealINSIGHT Marketplace: https://rimarketplace.com/auction/3060 42021 East Florida Avenue offers a prime infill value-add opportunity through repositioning or redevelopment of a former Rite Aid building. This property, totaling approximately 17,340 square feet, sits on 1.55 acres (67,518 square feet) of land. The building is available for auction at a price well below replacement cost with further details available upon contacting the agents. Constructed in 2008, the well-positioned former Rite Aid building features excellent visibility with signage opportunities on both sides, as well as anexisting monument sign on East Florida Avenue. The store’s interior is expansive to accommodate a variety of uses, with ceiling heights ranging from 14 to 19 feet, and it includes a functional drive-thru and designated ground-level loading area at the back. The property boasts strong site features, including a signalized hard corner location at the busy intersection of Florida Avenue and South Meridian Street, which experiences over 29,000 cars per day. Ingress and egress are efficiently positioned before the intersection with two-way curb cuts. The parking ratio is generous at 5.04 spaces per 1,000 square feet, totaling 87 parking stalls, and the site includes fortified and secured trash enclosures. Situated in Hemet’s premier retail hub, the property benefits from strong retail synergy, with over 2.2 million square feet of national and regional tenants within a two-mile radius serving Hemet and San Jacinto. Major anchors in the vicinity include Target, Home Depot, Lowe’s, Winco, JCPenney, Hobby Lobby, Smart & Final, Grocery Outlet, Sprouts, Stater Bros, Ross, Joann, Marshalls, Regal, ULTA, and Harbor Freight Tools, among others. The city of Hemet, located in the San Jacinto Valley (Riverside County) and adjacent to the popular San Jacinto forests, has a dense working-class demographic. Approximately 18.5% of households are seniors over the age of 65, and over 27.6% are under the age of 20, with retail expenditures prioritizing housing, transportation, food, and personal insurance/pensions. The location is supported by strong demographics, comprising 159,129people within a five-mile radius and an average household income of approximately $79,267.