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New Chicago Ave - 6.22 Acre | 80 Unit | Development Site 6.21 Acres of Residential Land Offered at $3,181,923 CAD in Hemet, CA 92544

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Investment Highlights

  • Fully Entitled Apartment Development Opportunity* | Winston Court is a ±6.22-acre in?ll development site for an 80-unit gated Apt Community
  • Strategic Location in a High-Growth Inland Empire Submarket | The site is located along Florida Avenue (State Route 74), a major arterial road
  • Attractive Opportunity in a Supply-Constrained Market | There are few active multifamily development opportunities in Hemet with full entitlements
  • Rental Market with Strong Demand Drivers | Hemet’s growing population, aging housing stock, and limited new apartment deliveries have created pent-up
  • Comprehensive Community Design with Modern Amenities | Approved plans include a leasing/recreational building, landscaped open space, private garages

Executive Summary

Mark Bridge at Matthews and C4 Commercial, as the exclusive listing agents, are pleased to present the opportunity to acquire Winston Court Apartment Homes, a fully entitled* ±6.22-acre multifamily development site in the growing Inland Empire city of Hemet, California. This project is entitled for 80 apartment units within a gated, garden-style community, providing a rare opportunity for development in a market with strong rental demand and limited new supply.
All entitlements have been secured, significantly reducing development risks and timelines. This offering includes the opportunity to secure the entitlements for site development, including an adopted comprehensive landscape plan, fencing plan, architectural plans, and elevation drawings.
Winston Court’s community plan includes a mix of thoughtfully designed 1-, 2-, and 3-bedroom floor plans distributed across multiple two-story buildings. The site also features a central recreational facility, landscaped open spaces, and private garages—offering residents comfort, convenience, and a strong sense of place.
Strategically located near retail corridors and major employers in the Hemet- San Jacinto Valley, the property benefits from direct access to Florida Avenue (State Route 74), connecting residents to nearby cities, regional employment hubs, and lifestyle amenities. Hemet is home to a growing population and a stable renter demographic, making Winston Court well-positioned to meet ongoing demand for quality rental housing.
With full entitlements ready to be transferred and site planning approvals, Winston Court represents a unique opportunity for multifamily developers to deliver much-needed housing in a market poised for long-term growth. The offering provides immediate entry into Riverside County’s underserved rental market with minimal upfront entitlement work.
*Buyer to negotiate terms for the transfer of entitlement rights with the current holder
Highlights:
Fully Entitled Apartment Development Opportunity | Winston Court is a ±6.22-acre in?ll development site being delivered fully entitled for an 80-unit gated apartment community. All planning approvals have been secured, including site plan, landscape design, building elevations, and recreational amenities—providing developers with a clear path to construction.
Underserved Rental Market with Strong Demand Drivers | Hemet’s growing population, aging housing stock, and limited new apartment deliveries have created strong pent-up demand for high-quality rental housing. Winston Court meets this need with a modern, amenity-rich community offering a mix of 1-, 2-, and 3-bedroom units in a secure, gated setting.
Strategic Location in a High-Growth Inland Empire Submarket | The site is located along Florida Avenue (State Route 74), a major arterial road with access to regional job centers in Riverside, Moreno Valley, and Temecula. Proximity to healthcare, education, and public transit makes the location ideal for a diverse tenant base, including professionals, students, and families.
Comprehensive Community Design with Modern Amenities | The approved plans include a leasing/recreational building, landscaped open space, and private garages—all contributing to long-term renter appeal and operational ef?ciency. The thoughtful site design re?ects a commitment to quality, community, and livability.
Attractive Opportunity in a Supply-Constrained Market | There are few active multifamily development opportunities in Hemet with full entitlements in place. Winston Court represents a rare chance to deliver much-needed housing in one of Southern California’s most competitively priced and fastest-growing submarkets.

Financial Summary (Pro Forma - 2027)

Annual (CAD) Annual Per AC (CAD)
Gross Rental Income $2,963,657 $477,239.46
Other Income $24,372 $3,924.67
Vacancy Loss $88,910 $14,317.18
Effective Gross Income $2,899,120 $466,846.94
Taxes $50,606 $8,149.13
Operating Expenses $578,250 $93,115.99
Total Expenses $628,856 $101,265.12
Net Operating Income $2,270,263 $365,581.82

Financial Summary (Pro Forma - 2027)

Gross Rental Income (CAD)
Annual $2,963,657
Annual Per AC $477,239.46
Other Income (CAD)
Annual $24,372
Annual Per AC $3,924.67
Vacancy Loss (CAD)
Annual $88,910
Annual Per AC $14,317.18
Effective Gross Income (CAD)
Annual $2,899,120
Annual Per AC $466,846.94
Taxes (CAD)
Annual $50,606
Annual Per AC $8,149.13
Operating Expenses (CAD)
Annual $578,250
Annual Per AC $93,115.99
Total Expenses (CAD)
Annual $628,856
Annual Per AC $101,265.12
Net Operating Income (CAD)
Annual $2,270,263
Annual Per AC $365,581.82

Property Facts

Price $3,181,923 CAD
Sale Type Investment
Sale Condition Distress Sale
No. Lots 1
Property Type Land
Property Subtype Residential
Proposed Use
Multifamily
  • Apartment Units
Total Lot Size 6.21 AC
Zoning R-3 High Density Resident - Multiple Family Residential

1 Lot Available

Lot

Price $3,181,923 CAD
Price Per AC $512,387.03 CAD
Lot Size 6.21 AC

6.22 Acre Multifamily Development Site | 80 Units | Fully Entitled* | Only $26.84/SF

Property Taxes

Property Taxes

Parcel Number
549-090-036
Land Assessment
$933,976 CAD (2025)
Improvements Assessment
$0 CAD (2025)
Total Assessment
$933,976 CAD (2025)
Annual Taxes
$50,606 CAD
Tax Year
2027
  • Listing ID: 39243215

  • Date on Market: 2026-01-28

  • Last Updated:

  • Address: New Chicago Ave, Hemet, CA 92544

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