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Vacant Rite Aid Attractive $/ PSF Owner-User 42021 Florida Ave 17,340 SF Retail Building Hemet, CA 92544 $3,000,000 ($173.01/SF)
Investment Highlights
- Significant Infill Value-Add Opportunity Through Repositioning or Redevelopment
- Excellent Positioning With Clear Sight to Both Sides of Building For Signage
- Signalized Hard Corner Location at the Bustling Intersection of Florida Ave. and South Meridian Ave., Which Sees Over 29,000 Cars Per Day
- Valued for Sale at Well Below Replacement Cost
- Ceiling Height Approximately 14’ to 19’
- Generous Parking Ratio of 5.04:1000 SF with a Total of 87 Parking Stalls
Executive Summary
PROPERTY HIGHLIGHTS – 42021 East Florida Avenue, Hemet, CA
• ±17,340 SF former Rite Aid on ±1.55 acres (±67,518 SF lot)
• Available for sale below replacement cost or lease at market rates
• Built in 2008 – modern, well-maintained structure
• Ideal for value-add, repositioning, or redevelopment
BUILDING FEATURES
• Excellent visibility with signage on both building sides and monument sign
• Interior ceiling heights: 14–19 feet
• Functional drive-thru and rear ground-level loading area
• Flexible open layout suitable for multiple uses
ACCESS & PARKING
• Located at signalized hard corner of Florida Ave & S. Meridian St.
• High traffic intersection: 29,000+ cars per day
• Easy access via two-way curb cuts before intersection
• Generous parking ratio: 5.04 spaces/1,000 SF (87 stalls)
• Secured trash enclosures onsite
RETAIL LOCATION ADVANTAGE
• Located in Hemet’s top retail corridor
• Surrounded by over 2.2M SF of national and regional tenants within 2 miles
• Nearby anchors include:
Target, Home Depot, Lowes, Winco, JCPenney, Hobby Lobby,
Smart & Final, Grocery Outlet, Sprouts, Stater Bros, Ross,
Joann, Marshalls, Regal, ULTA, Harbor Freight Tools
AREA DEMOGRAPHICS
• Hemet is in the San Jacinto Valley (Riverside County)
• Diverse working-class population with strong retail demand
• 5-mile radius population: 159,469
• Avg. household income: $76,369
• Age distribution:
o 18.1% seniors (65+)
o 29.2% under 20 years old
• Key spending categories: housing, transportation, food, personal insurance/pensions
• ±17,340 SF former Rite Aid on ±1.55 acres (±67,518 SF lot)
• Available for sale below replacement cost or lease at market rates
• Built in 2008 – modern, well-maintained structure
• Ideal for value-add, repositioning, or redevelopment
BUILDING FEATURES
• Excellent visibility with signage on both building sides and monument sign
• Interior ceiling heights: 14–19 feet
• Functional drive-thru and rear ground-level loading area
• Flexible open layout suitable for multiple uses
ACCESS & PARKING
• Located at signalized hard corner of Florida Ave & S. Meridian St.
• High traffic intersection: 29,000+ cars per day
• Easy access via two-way curb cuts before intersection
• Generous parking ratio: 5.04 spaces/1,000 SF (87 stalls)
• Secured trash enclosures onsite
RETAIL LOCATION ADVANTAGE
• Located in Hemet’s top retail corridor
• Surrounded by over 2.2M SF of national and regional tenants within 2 miles
• Nearby anchors include:
Target, Home Depot, Lowes, Winco, JCPenney, Hobby Lobby,
Smart & Final, Grocery Outlet, Sprouts, Stater Bros, Ross,
Joann, Marshalls, Regal, ULTA, Harbor Freight Tools
AREA DEMOGRAPHICS
• Hemet is in the San Jacinto Valley (Riverside County)
• Diverse working-class population with strong retail demand
• 5-mile radius population: 159,469
• Avg. household income: $76,369
• Age distribution:
o 18.1% seniors (65+)
o 29.2% under 20 years old
• Key spending categories: housing, transportation, food, personal insurance/pensions
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Taxes |
$43,750
|
$2.52
|
| Operating Expenses |
$13,005
|
$0.75
|
| Total Expenses |
$56,755
|
$3.27
|
Financial Summary (Actual - 2024)
| Taxes | |
|---|---|
| Annual | $43,750 |
| Annual Per SF | $2.52 |
| Operating Expenses | |
|---|---|
| Annual | $13,005 |
| Annual Per SF | $0.75 |
| Total Expenses | |
|---|---|
| Annual | $56,755 |
| Annual Per SF | $3.27 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
17,340 SF
Building Class
C
Year Built
2009
Price
$3,000,000
Price Per SF
$173.01
Tenancy
Single
Building Height
1 Story
Building FAR
0.26
Lot Size
1.55 AC
Zoning
C3 - Zoning: C-3 (General Commercial) – Hemet, CA
Zoning Type:
• C-3: General Commercial
Intent:
• Designed for high-intensity commercial use, typically in
Parking
87 Spaces (5.02 Spaces per 1,000 SF Leased)
Nearby Major Retailers
Property Taxes
| Parcel Number | 551-210-040 | Total Assessment | $7,554,801 (2025) |
| Land Assessment | $831,207 (2025) | Annual Taxes | $43,750 ($2.52/SF) |
| Improvements Assessment | $6,723,594 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
551-210-040
Land Assessment
$831,207 (2025)
Improvements Assessment
$6,723,594 (2025)
Total Assessment
$7,554,801 (2025)
Annual Taxes
$43,750 ($2.52/SF)
Tax Year
2024
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Vacant Rite Aid Attractive $/ PSF Owner-User | 42021 Florida Ave
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