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600 East Mayberry Avenue
Hemet, CA 92543
James Turco with NextHome Legacy, original listing - (949) 887-7555
$4,500,000
Conventional
Property
Bedroom
--
Bathroom
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Property Type
Conventional
Square ft
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Property Description
Unique opportunity to purchase 5.49 total acres in a desirable residential area of Hemet. Property currently zoned C1 surrounded by R1 residential properties. City of Hemet may consider rezoning to R1. Site currently includes 5 buildings totaling 41,403 sf with parking for 223 vehicles and landscape improvements. Excellent opportunity to acquire land to build multi-family units or retain as a religious facility. If buyer retains existing structures, Seller would prefer a set-aside for small ministry. Seller will consider a ground lease for a SB4 project. The site has 296 feet of frontage to Buena Vista Street, 597 feet of frontage to Wesley Place, 230 feet of frontage to Thompson Street and 300 feet of frontage to East Mayberry Avenue. This site has ingress and egress from one driveway at Buena Vista Street and one driveway from Wesley Place. It also has ingress and egress via two driveways from Mayberry Avenue. The site is mostly level and slightly above street grade. The site is further improved with planters in the parking lot and landscaping surrounding the buildings. There is a main courtyard or worship plaza with a fountain, patios and concrete walkways surrounding these structures. An attractive landscaped greenbelt is located adjacent to the education and multi-purpose buildings. There is also an enclosed playground area to the south of the education building. The fencing is chain link and wrought iron. The floor area ratio for the religious facility is 17 percent. This remains an operating religious facility therefore all site tours must be coordinated through the listing agent in advance. There is no For Sale sign on the premises. Property is sold in As-Is condition.
Property Information
Lot Size
0 sqft square ft
Property Type
Commercial Sale-Other
Year Built
1985
MLS Number
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Location
Address
600 East Mayberry Avenue
City
Hemet
State
CA
Zip Code
92543
County
RIVERSIDE (WEST)
Listing
Name
Phone
(949) 887-7555
Office Name
Office Phone
(949) 887-7555
Agent Name
James Turco
Agency Phone
(949) 887-7555

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HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.