Description

The Hemet Strip Center, a 25,860 SF retail property, presents a stabilized investment opportunity with a 6.60% cap rate and a net operating income (NOI) of $204,797. Built in 1963, this well-maintained strip center is situated on 0.80 acres at 1235 East Florida Ave in Hemet, California, and benefits from a high-visibility location with a traffic count of over 33,000 vehicles per day.

The center has a gross leasable area of 12,930 SF and is currently 91% occupied, with 1,100 SF available for lease, offering potential for additional income growth. The property is strategically located in the Hemet submarket, a growing retail corridor with robust tenant demand. Current in-place rents, averaging $2,445, provide stable cash flow, and market conditions suggest room for rental rate growth over time.

The single-story structure includes ample parking and excellent signage rights, providing convenience and visibility for tenants. With its stabilized occupancy, reliable income stream, and potential for lease-up of the remaining vacant space, this asset is ideally suited for investors seeking a well-positioned retail property in a strong Southern California market.