Citibank

1745 West Florida Ave, Hemet, CA 92545
$3,750,000
Status Sold
Price $3,750,000
Cap Rate 5.33%
NOI $199,704
Price/SF $589
Lease Type Absolute NNN
Lease Term 10 years
Lease Start January 2014
Lease Expiration January 2024
Building Size 6,366 SF
Lot Size 14149 AC

Overview

The property is located along the major east-west thoroughfare of Florida Avenue and is passed by roughly 30,000 vehicles per day. Situated amid the local area’s major retail corridor, the property is located across the street from the Hemet Valley Mall. Other national retailers in the immediate area include The Home Depot, Lowe’s, Target, Staples, CVS, Vons, Walgreens, Smart & Final, and LA Fitness.

The branch deposits grew 22% at this location from the prior year to $176 million. This site has opperated as a bank since 1976. Its 40 year history and the substantial branch deposits are testaments to the long-term success at this location.