221 S Palm Ave., Hemet, California 92543, Hemet, 92543 - bed, bath
ACTIVE$1,895,000
221 S Palm Ave., Hemet, California 92543
0Bed
0Bath
2,274Sqft
15,681Lot
Year Built
1924
Close
-
List price
$1.9M
Original List price
$1.9M
Price/Sqft
$833
HOA
-
Days on market
-
Sold On
-
MLS number
SW25128857
Home ConditionFair
Features
Good View: Mountain(s)
ViewMountain(s)
About this home
We found 3 Cons,5 Pros.
5 units, easy to keep rented. all older but seller keeps in great condition. Across the street from a major shopping center with easy access so units are easy to keep rented. Just down the street from State Highway 74, (Florida Ave.). This is a cherry, don't let someone else pick it.
Price History
Date
Event
Price
06/09/25
Listing
$1,895,000
Condition Rating
Fair
The property was built in 1924, making it 100 years old. The description states 'all older but seller keeps in great condition,' which suggests regular maintenance but that components are likely outdated rather than modern. Without interior images, specific assessment of kitchen, bathroom, appliances, and flooring is impossible, but given the age and description, these are presumed to be functional but outdated in style and features. The exterior images show an aged building that appears maintained but not recently renovated. It likely requires minor to moderate updates to meet contemporary standards, aligning with the 'fair' condition criteria.
Pros & Cons
Pros
Strong Income Potential: The property features 5 units with high rental demand, explicitly stated as 'easy to keep rented,' making it an attractive investment opportunity.
Exceptional Location & Accessibility: Strategically located across from a major shopping center and near State Highway 74, ensuring high tenant desirability, convenience, and continued rental demand.
Well-Maintained Condition: Despite its 1924 build year, the seller emphasizes that the property is kept in 'great condition,' suggesting proactive maintenance and potentially fewer immediate repair needs.
Desirable Mountain Views: The property boasts attractive mountain views, a sought-after amenity that enhances its appeal and potential long-term value.
Generous Lot Size: A substantial 15,681 sqft lot provides ample space for parking, outdoor amenities, or potential future expansion, adding value for a multi-unit property.
Cons
Advanced Age of Construction: Built in 1924, the property's significant age may imply outdated systems (plumbing, electrical, HVAC), higher long-term maintenance costs, and potential for unforeseen structural or infrastructure issues.
Compact Unit Sizes: With 2,274 sqft distributed among five units, individual unit footprints are likely very small, which could limit the tenant pool or rental rates for those seeking more spacious accommodations.
Potential Financing Complexity: As a multi-unit, mixed-use property, it may present challenges for traditional residential financing, potentially narrowing the buyer pool to investors or requiring commercial lending.