509 East Central Avenue

Off Market

509 East Central Avenue

Hemet CA 92543

16117 sq. ft.

Multi-Family

Last sold for $1,750,000

Kristopher German, last sold this property on 26 September 2025 after 80 days on market.

Overview

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 garagea 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)

Features

5 bedrooms

4 bathrooms

16117 sq. ft. lot size

Multi-Family

Estimated Value

We need at least 3 similar 5 bedroom multi families sold in Hemet over the last 12 months.

Property history for 509 East Central Avenue

2025

Sold

$1,750,000

26 Sep 2025 by Kristopher German, of RE/MAX 2000 REALTY

Happy sellers in Hemet

91%

91% of sellers in Hemet reported that their sale price either exceeded or met their price expectations.

Hemet stands out for consistently delivering exceptional satisfaction and strong market results for homeowners.

This is based on voluntary sentiment collected from 19 reviews in Hemet over the last 12 months.

Local market activity for 5 bedroom multi families in Hemet

In the last 12 months, 2 five-bedroom multi families similar to 509 East Central Avenue, have been sold.

Sold

For Sale

Interested in selling?

People are reaching out to these agents in Hemet for a market analysis.

Michelle Bassett

at Bassett & Associates, REALTORS

(81 reviews)

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Karla Coria

at Honest Realty Group

4.8

(9 reviews)

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Sabrina Chapman

at Liberty Real Estate

(66 reviews)

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Man Eaglin

at eXp Realty of Southern California, Inc.

(11 reviews)

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Nearby agents

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Michelle Bassett

Sellers who recommend Michelle Bassett have praised them for being local expert, responsive, reliable, well-prepared, supportive, clear communication, and friendly