State Street
City of Hemet
THE OPPORTUNITY
The State Street property is well located at the northeast corner of South State Street and Chambers Street in the City of Hemet. The surrounding communities are attractive and well maintained. There is easy access to Domenigoni Parkway and Highway 74 for a direct connection to the 215 freeway. The property is highly visible with direct frontage along State Street and a signalized intersection at Chambers.
The residential market in the Inland Empire continues to escalate with increased rents and home prices. State Street represents an opportunity to acquire a property zoned for high-density homes/apartments at a very attractive value. As values and rents continue to increase, an investor will recognize exponential increases in the value of this property with such an attractive zoning designation and location.
PROPERTY HIGHLIGHTS
- With the strong employment base, Hemet boasts an unemployment rate of only 5.8% and a population of approximately 83,000 people
- Proximate to the major retail stores in Hemet including the Hemet Valley Mall only 3.4 miles from the property with 252,000 sf of retail shops
- Located within a highly attractive Opportunity Zone. Extensive benefits may exist for an investor/owner of the property that understands the benefits associated with this designation and associated tax benefits
