Listed by CBRE - Ontario, Newmark Pacific Downtown LA
$3,100,000
Hemet Strip Center
Details
APN 445-261-019; 445-261-020; 445-261-021
Property Type Retail
Sub Type Shopping Center, Strip Center
Square Footage 12,930
Units 10
Cap Rate 6.61%
NOI $204,797
Occupancy 91.5%
Lease Type NNN
Rent Bumps Yes
Year Built 1963
Lot Size (SqFt) 34,848
Investment Type Value Add
Ground Lease No
Retail | 6.61% CAP | 12,930 SqFt
Marketing description
Newmark Pacific and CBRE are pleased to present the opportunity to acquire a well-located multi-tenant retail strip center positioned at the signalized southwest corner of E. Florida Avenue (State Route 74) and San Jacinto Street (State Route 79) in Hemet, California. The property —1235 E. Florida Street — offers approximately 12,930 square feet of gross leasable area on 34,848 square feet of land with strong frontage and visibility along one of the most trafficked intersections in the trade area.
Currently 91.5% occupied by a mix of nine local and regional tenants, the property offers stable in-place income with significant value-add potential. The majority of leases are either month-to-month or near expiration, giving an investor flexibility to re-lease space at market rates or transition tenants to NNN lease structures. Ownership has been with the same private family for over two decades, and the offering represents the first time the property is being brought to market. Ownership is divesting the asset as part of a long-planned retirement from active management.
1235 E. Florida St. benefits from a high-profile corner location along two of Hemet’s key commercial arterials, both of which connect directly into neighboring cities and serve as primary commuter and retail corridors for the region. Florida Avenue (SR-74) serves as the main retail spine of Hemet, stretching from the Ramona Expressway to the foothills of Temecula and featuring an established concentration of national retailers including Walmart Supercenter, Target, Home Depot, Ross, ALDI, and Starbucks. San Jacinto Street connects Hemet directly into the growing city of San Jacinto, creating a strategic intersection for both commuter and local traffic.
Hemet and San Jacinto together form one of the fastest-growing submarkets in Riverside County, a region that continues to benefit from Southern California’s eastward migration and comparatively affordable housing stock. The area is home to over 150,000 residents, with thousands of new housing units under construction or approved across both cities. The combination of longtime retirees and younger families relocating from coastal counties is driving increased demand for everyday retail services and community-serving uses — exactly the type of tenancy found at this center.
Investment highlights
- Rent Upside: Existing rents are significantly below market. With most leases operating month-to month or near expiration, there is an immediate opportunity to recapture value through re-tenanting or re-negotiating lease terms at higher market rates.
- Repositioning Potential: The City of Hemet is currently offering up to $600,000 in grant funding through its Commercial Facade Improvement Program. This city-backed capital can be used by a new owner to upgrade the exterior facade, signage, and frontage of the center — improving curb appeal and increasing leasing momentum. This funding is available to properties located in the Central Business District, where the asset is located.
- Operational Flexibility: With short-term leases in place and no long-term encumbrances, investors can implement a leasing strategy tailored to market conditions and demand for retail, service, and food & beverage uses.
Listing Contacts
Listed by CBRE - Ontario, Newmark Pacific Downtown LA
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Loan Amount
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Annual Debt Service
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$--
Annual Cash Flow
$204,796.92
$17,066.41/mo
Valuation Metrics
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DSCR
6.61%
Cap Rate
6.61%
ROI
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