201 West Devonshire Avenue
201 West Devonshire Avenue
Description
201-205 W Devonshire Avenue is conveniently located within minutes to Hemet Global Medical Center, Soboba Casino Resort, and Hemet Valley Mall. The property also sits directly across Hemet Stockfarm,...We are proud to present an exceptional opportunity to acquire a well-maintained apartment complex located at 201-205 W Devonshire Avenue in Hemet. This ±8,518 SF building sits on a generous ±20,473 SF lot. The property is situated between N Inez Street and N Alessandro Street on W Devonshire Avenue.
201-205 W Devonshire Avenue is conveniently located within minutes to Hemet Global Medical Center, Soboba Casino Resort, and Hemet Valley Mall. The property also sits directly across Hemet Stockfarm, a brand new 36-Acre residential Agricultural development featuring concept plans of commercial, townhomes/lofts, single family homes and a community/recreation center. The property provides easy access to the California State Route 74 (SR-74) and a variety of shopping centers, restaurants, and retailers, all just a short distance away. The city of Hemet is an in-demand property market which boasts a thriving working class with a growing need for quality rentals. Plus, the city itself provides a great environment for tenants. It offers easy access to major employers, affordable living costs, and a strong sense of community, making it an attractive place for working families to call home. Showcasing mature and lush landscaping, 201-205 W Devonshire Avenue resides in a quiet residential street in Hemet. The property is gated and features parking garages with surface parking as well. Units feature security screen doors, kitchens with dishwashers and oven ranges, porcelain tile flooring throughout, wall A/C and heating systems, ceiling fans, unique lighting fixtures, vertical blinds, and large private patios. Neighboring cities include Menifee, San Jacinto, Romoland, Perris, Lake Elsinore and Beaumont. Significant local landmarks within a 20-mile radius include: Diamond Valley Lake, Simpson Park Preserve, Mt. San Jacinto College, Hemet Valley Mall, Ramona Bowl Amphitheater, Hemet Museum, and Airtopia Adventure Park, to name a few.
201-205 W Devonshire Avenue is an excellent Inland Empire income-producing property and a great long-term investment. This investment is a win-win to secure a financial future while providing a comfortable living space. The property offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or those seeking a 1031 exchange opportunity.
- Listed by ERIC CHEN • DRE #01489184 • Brokerage DRE #00409987 • CB RICHARD ELLIS • 626-757-5717
Property Details for 201 West Devonshire Avenue
Location
Property Details for 201 West Devonshire Avenue
| Status | Active |
|---|---|
| MLS # | CV24095194 |
| Days on Market | 21 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1971 |
| County | Riverside County |
Location
Building Information for 201 West Devonshire Avenue
Payment Calculator
$12,363 per month
30 year fixed, 7.25% Interest
$12,006
$357
$0
Property Information for 201 West Devonshire Avenue
- Gross Income: $164,136
- Gross Scheduled Income: $164,136
- Vacancy Allowance: 8207
- Gross Operating Income: $155,929
- Net Operating Income: $90,164
- Gross Multiplier: 13.4
- Cap Rate: 4.1
- Operating Expense: $65,765
- New Taxes Expense: $26,706
- Electric Expense: $1,500
- Insurance Expense: $6,500
- Maintenance Expense: $6,500
- Professional Management Expense: $6,237
- Other Expense: $2,000
- Other Expense Description: Reserves
- Trash Expense: $3,240
- Water Sewer Expense: $9,253
- Supplies Expense: $638
- Total Expenses: $65,765
- Tax Block: 6
- Tax Tract Number: 043401
- Tax Census Tract: 434.01
- CFD/Mello-Roos Fee: $133
- Tax Lot: 1
- Community Features: Curbs, Sidewalks
- Laundry: Yes
- Laundry Features: Common Area
- Cooling: Wall/Window Unit(s)
- Heating Type: Wall
- Heating: Wall Furnace
- Entry Location: 1
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Spa Features: None
- Additional Parcels Description: 443193026
- Lot Features: 6-10 Units/Acre
- Number Of Units: 10
- Land Lease: No
- Land Lease Type: Fee
- Levels: One
- Water: Public
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 10
- Parking Garage Spaces: 10
- Carport Spaces: 0
- Unit Type Units Total: 4
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,304
- Unit Type Total Rent: $62,604
- Unit Type Pro Forma: 1650
- Unit Type Type: 1
- Unit Type Units Total: 6
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,410
- Unit Type Total Rent: $101,532
- Unit Type Pro Forma: 1750
- Unit Type Type: 2
- Number Of Units Leased: 10
- Rent Controlled: Yes
- Number Of Buildings: 2
- Number Of Separate Electric Meters: 10
- Number Of Separate Gas Meters: 10
- Number Of Separate Water Meters: 1
Property History for 201 West Devonshire Avenue
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 201 West Devonshire Avenue
Schools near 201 West Devonshire Avenue
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Jacob Wiens Elementary School PublicK to 5 | ||
Rancho Viejo Middle School Public6 to 8 | ||
Tahquitz High School Public9 to 12 | ||
Alessandro High School Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of CB RICHARD ELLIS, ERIC CHEN, DRE #01489184
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.