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451 Westminster Place, Hemet, California 92545, Hemet, 92545 - bed, bath

451 Westminster Place, Hemet, California 92545 home-pic-0
ACTIVE$980,000
451 Westminster Place, Hemet, California 92545
0Bed
0Bath
3,848Sqft
10,454Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Diverse & Desirable Unit Mix: The property offers a highly attractive mix of two 2-bedroom and two 3-bedroom units, catering to a broad tenant demographic, with downstairs units featuring direct garage access and private backyards, and upstairs units offering private balconies.
Top Cons:
Significant HOA Fees: The property is subject to an association fee of $5,712.0, which represents a notable ongoing operating expense that impacts net income.

Compared to the nearby listings

Price:$980.0K vs avg $243.4K (+$736,600)75%
Size:3,848 sqft vs avg 827 sqft75%
Price/sqft:$255 vs avg $26650%

More Insights

Built in 1991 (34 years old).
Condition: The property was built in 1991, making it 33 years old. While the exterior appears well-maintained, and the units offer essential amenities like central HVAC, dishwashers, microwaves, and gas stoves, there's no indication of recent major renovations. The property analysis explicitly notes 'aging infrastructure' with major systems being over 30 years old, suggesting they are functional but likely outdated and nearing the end of their expected lifespan, requiring future capital expenditures. Without interior images, it's assumed that kitchens and bathrooms reflect the original 1990s style, which would be considered dated by current standards. This aligns with the 'Fair' category, indicating an aged but maintained property where major components are functional but show signs of being outdated and may require minor updates or repairs.
Year Built
1991
Close
-
List price
$980K
Original List price
$980K
Price/Sqft
$255
HOA
$5,712
Days on market
-
Sold On
-
MLS number
CV25083680
Home ConditionFair
Features
View-

About this home

Exclusive investment opportunity located at 451 Westminster Place in Hemet, California. Constructed in 1991, this property has a total of four units featuring a highly desirable mix of two 2-bedroom units with one & three quarter bathrooms and two 3-bedroom units with one & three quarter bathrooms. The downstairs 2-bedroom units each include direct access to an attached garage with direct entry into the unit, large private backyards and in-unit laundry hookups. The upstairs 3-bedroom units offer private balconies, in-unit laundry hookups, and spacious living areas designed for families or those seeking additional room. All units are equipped with central air conditioning and heating, dishwashers, microwaves & gas stoves/ovens. Each unit has individual hot water heaters and is individually metered for gas and electricity. This property is under the West Court Homeowners' Association (HOA). To ensure a visually appealing environment, the HOA maintains front landscaping. Situated in Hemet, a growing city in Riverside County, the property benefits from strong demand in the rental market. The location is less than a mile North of the principal thoroughfare of Florida Avenue, also known as the State Route 74 that takes commuters west to the I-5 in San Juan Capistrano, Orange County and east to the city limits of Palm Desert.

Condition Rating
Fair
The property was built in 1991, making it 33 years old. While the exterior appears well-maintained, and the units offer essential amenities like central HVAC, dishwashers, microwaves, and gas stoves, there's no indication of recent major renovations. The property analysis explicitly notes 'aging infrastructure' with major systems being over 30 years old, suggesting they are functional but likely outdated and nearing the end of their expected lifespan, requiring future capital expenditures. Without interior images, it's assumed that kitchens and bathrooms reflect the original 1990s style, which would be considered dated by current standards. This aligns with the 'Fair' category, indicating an aged but maintained property where major components are functional but show signs of being outdated and may require minor updates or repairs.
Pros & Cons

Pros

Diverse & Desirable Unit Mix: The property offers a highly attractive mix of two 2-bedroom and two 3-bedroom units, catering to a broad tenant demographic, with downstairs units featuring direct garage access and private backyards, and upstairs units offering private balconies.
Individual Utility Metering: Each unit is individually metered for gas and electricity and has its own hot water heater, significantly reducing landlord utility expenses and promoting tenant responsibility.
Comprehensive Tenant Amenities: All units are equipped with central air conditioning and heating, in-unit laundry hookups, dishwashers, microwaves, and gas stoves/ovens, enhancing tenant comfort and retention.
Strategic Location & Market Demand: Situated in Hemet, a growing city with strong rental market demand, and less than a mile from SR 74, providing convenient commuter access to major routes.
HOA Maintained Landscaping: The West Court Homeowners' Association maintains front landscaping, reducing the owner's maintenance burden and contributing to a visually appealing environment.

Cons

Significant HOA Fees: The property is subject to an association fee of $5,712.0, which represents a notable ongoing operating expense that impacts net income.
Aging Infrastructure: Constructed in 1991, the property's major systems (e.g., roof, plumbing, electrical) are over 30 years old, potentially requiring significant capital expenditures for replacement or upgrades in the near to medium term.
Market Appreciation Potential: While Hemet is a growing market, its long-term property appreciation and rental rate growth may not match higher-tier Southern California markets, potentially limiting overall investment upside compared to other regions.

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