509 E Central Avenue, Hemet, CA 92543
- $1,750,000
- Sold Price
- $1,750,000
- List Price
- $1,725,000
- Closing Date
- Sep 26, 2025
- Status
- CLOSED
- MLS#
- CV25151759
- Year Built
- 1991
- Lot Size
- 16,117
- Acres
- 0.37
- Lot Location
- 6-10 Units/Acre
- Days on Market
- 16
- Property Type
- Multifamily
- Property Sub Type
- Apartment
- Stories
- Two Levels
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)
Additional Information
- Pool Description
- None
- Heat
- None
- Cooling
- Yes
- Cooling Description
- Central Air
- View
- None
- Roof
- Shingle
- Garage Spaces Total
- 16
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Attached
- Number Of Units Total
- 8
- Gross Scheduled Income
- $208,140
- Operating Expense
- 63102
Listing courtesy of Listing Agent: Kristopher German (kris@theapartmentdealer.com) from Listing Office: RE/MAX 2000 REALTY.
Listing sold by Kristopher German from RE/MAX 2000 REALTY
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.