#SB25148575, Carrie Mallory, Listing office: Carrie L. Mallory
#CV25151759·
Listing office: RE/MAX 2000 REALTY·
Listing agent: Kristopher German·
Listing office phone: 909-645-0443
$1,725,000 List price
509 E Central Ave Hemet, CA 92543
0.4 acres
Condo
Property details
About 509 E Central Ave
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)
Highlights
Home typeCondominium
StatusSale Pending
(Pending)
(Pending)
CoolingCentral Air
Lot size0.37 Acres
Year built1991
ParkingGarage
MLS #CV25151759
Garage16 spaces
Summary
- Fireplace: None
- Garage Space: 16 spaces
- Private Pool: No
- Parking: Garage
- Heating: None
- Cooling: Central Air
- List Price: $1,725,000
- HOA Amount: $0
- Annual Tax Amount: $13,315
- Tax Year: 2024
- Directions: South of Florida Ave. West of Santa Fe St.
- Year Built: 1991
- Stories: 2
- Lot Size: 0.37 Acres
- MLS Number: CV25151759
- MLS Name: CRMLS
- Office Name: RE/MAX 2000 REALTY
- Office Phone: (909) 645-0443
- Listing Agent: Kristopher German
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) 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. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 7/30/2025, 11:45:34 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Price information
Property sales
| Date | Event | Price |
|---|---|---|
| Dec 30, 2019 | Home Sold | $1,080,000 |
| Nov 13, 2015 | Home Sold | $605,000 |
| Jul 03, 2001 | Home Sold | $275,000 |
| Sep 30, 1997 | Home Sold | $240,000 |
Tax history
| Year | Assessment | Property Tax |
|---|---|---|
| 2024 | $1,157,974 | $13,315 |
| 2023 | $1,135,270 | $13,146 |
| 2022 | $1,113,011 | $12,891 |
| 2021 | $1,091,188 | $12,678 |
| 2020 | $1,080,000 | $12,527 |
| 2018 | $629,442 | $7,303 |
| 2017 | $617,100 | $7,165 |
History based on county public records data.
Nearby schools
3
Hemet Elementary School
Public District KG-5
0.3 mi
•633 E Kimball Ave
3
Whittier Elementary School
Public District KG-5
0.5 mi
•400 W Whittier Ave
3
Winchester Elementary School
Public District KG-5
0.9 mi
•26866 San Jacinto St
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $39,200. Residents of Hemet, CA typically earn less than $<35k each year. Residents typically live in single, no kids family. The majority of residents in this area have high school diploma education.
How much money do the neighbors make?
47%
<35k
45%
35k-100k
8%
100k-200k
0%
200k+
What level of education do the neighbors have?
High School Diploma
Post Secondary Degree
Masters Degree
What types of families live nearby?
36%
Single, No Kids
27%
Single, with Kids
13%
Married, No Kids
24%
Married, with Kids
Are the neighbors home owners or renters?
Home Owners
Renters
How old are people in this area?
21%
<11 yrs old
12%
12-17 yrs old
25%
18-34 yrs old
33%
35-64 yrs old
9%
65+ yrs old
What do the neighbors do for fun?
Pro Boxing
NHRA Drag Racing
Mexican League Soccer
Where do the neighbors shop?
Burlington
Big Lots
Family Dollar
Where do the neighbors go to eat?
Popeyes
Golden Corral
Church's Chicken
What do the neighbors drive?
Dodge
Kia
Chevrolet
What do the neighbors listen to?
Urban Contemporary
Adult Standards- Urban Adult Contemporary
All data provided by Home Junction and Claritas
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Frequently asked questions
About 509 E Central Ave
The listing price of 509 E Central Ave property is $1,725,000.
The property 509 E Central Ave is a condo located in Hemet, California, 92543.
Sale Pending: 509 E Central Ave is Sale Pending (Pending), which means that the seller has accepted an offer but the sale is not finalized.
The nearby schools for 509 E Central Ave are: Hemet Elementary School (GreatSchools Rating 3/10), Whittier Elementary School (GreatSchools Rating 3/10), Winchester Elementary School (GreatSchools Rating 3/10), Acacia Middle School (GreatSchools Rating 3/10), Diamond Valley Middle School (GreatSchools Rating 3/10), Dartmouth Middle School (GreatSchools Rating 2/10), Alessandro High School (GreatSchools Rating 2/10), Academy of Innovation (GreatSchools Rating 3/10), Hemet High School (GreatSchools Rating 6/10).
According to the records, the last property tax for 2024 is $13,315 (source: MLS/based on county public records data).
The last sale was on December 30, 2019 for $1,080,000 (source: MLS/tax record).
The property at 509 E Central Ave has 0 bathroom.
The year of construction for 509 E Central Ave is 1991.
This home is located at 509 E Central Ave in Hemet, CA and zip code 92543. Features: 0 bathroom. It has been listed on Rocket Homes since July 7, 2025 and is currently priced at $1,725,000.
In June 2025 more than 43 listings in Hemet, CA were sold above the asking price. During the same period more than 28 listings were sold at asking price, while more than 31 were sold below. The inventory of homes for sale in Hemet, CA between May and June 2025 decreased by 8.3%. Listings spent 44 days on the market in June 2025, and had a median list price of $455,000 during the same period.
From Rocket Homes Real Estate and based on county public records data.