1003 E Devonshire Ave, Hemet, CA 92543 1003 E Devonshire Ave 2,284 SF Retail Building Hemet, CA 92543 $2,684,721 CAD ($1,175.45 CAD/SF)

This offering presents a rare opportunity to acquire a 0.77-acre infill development site in the heart of Hemet’s established healthcare and education corridor. The property is located at 1003 East Devonshire Avenue and includes a 2,284-square-foot retail building constructed in 1999 on a 33,541-square-foot lot with strong frontage along a high-visibility thoroughfare. The combination of central location, visibility, and access positions the asset as a strategic land play in a submarket benefiting from steady population growth and ongoing public and private investment in nearby medical and educational facilities.
The true value of the property lies in its superior land-to-building ratio and flexible R-P zoning, which together create multiple paths to value creation. With the existing improvements covering only a small fraction of the total site area, investors can pursue ground-up redevelopment, expansion of the current structure, or a phased repositioning strategy while maintaining interim income. The immediate proximity to Santa Fe Middle School, the surrounding residential neighborhoods, and Hemet’s growing medical district supports a range of potential uses, including medical office, neighborhood retail, service commercial, or a hybrid concept tailored to evolving tenant demand.
For investors seeking a land banking or covered-land play, this asset offers an attractive balance of current income potential and long-term appreciation upside in a market where comparable entitled parcels are increasingly scarce. As Hemet continues to mature and infill sites along key corridors become more constrained, well-located properties such as this are positioned to benefit from rent growth, user demand, and potential future assemblage or redevelopment interest. The offering provides an efficient, manageable-sized entry point into the Inland Empire’s expansion story with meaningful optionality for both short-term execution and long-term value creation.