Estimated payment $3,484/month
4
Beds
4
Baths
2,208
Sq Ft
$260
Price per Sq Ft
Highlights
- Mountain View
- 4 Car Direct Access Garage
- Central Heating
- No HOA
- Laundry Room
- Security Fence
About This Home
Welcome to 381 Carmel Way, Hemet, CA 92545. A fantastic turnkey investment opportunity with excellent cash flow, long-term stability, and room for growth! Perfect for investors looking to close before year-end or complete a 1031 exchange, this well-maintained duplex delivers a solid 8% gross CAP rate with upside potential to easily reach 10%+ through rent adjustments in future or by converting one of the garages into a ADU for additional rental income. Each spacious unit offers 2 bedrooms, 2 full baths, an indoor laundry room, and a private balcony. Both come with a 2-car attached garage, while the downstairs unit enjoys direct garage access for added convenience. The upstairs tenant is a Section 8 renter, providing reliable government-backed income through June 2026, and the downstairs tenant is on a month-to-month, offering flexibility for future rent increases or owner occupancy. The property sits on a large lot with zero-scape landscaping, designed for low-maintenance upkeep and reduced costs, while maintaining a clean and attractive appearance year-round. A fully secured private gated entrance with remote access ensures privacy and peace of mind for tenants. Additional highlights include a newer roof replaced within the last 7–8 years, separate gas and electric meters for each unit to minimize expenses, and long-term anchor tenants with great payment history making this a truly a great investment. Located in a well-established West Hemet neighborhood, the property is behind the Lowe's shopping center and near the brand new warehouse, close to schools, shopping, restaurants, and parks, with easy access to major commuter routes. With strong existing income, minimal upkeep, and multiple opportunities for value add, 381 Carmel Way is an ideal choice for both seasoned investors and those starting their multifamily journey. Don’t miss this rare opportunity, secure your investment today before it’s gone!
Listing Agent
LEGACY HOMES REALTY Brokerage Phone: 951-314-4204 License #01507253 Listed on: 10/15/2025
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $5,234
Year Built
- Built in 1980
Lot Details
- 7,405 Sq Ft Lot
- 1 Common Wall
- Security Fence
- Wood Fence
- Front Yard
Parking
- 4 Car Direct Access Garage
- Parking Available
- Driveway
Home Design
- Duplex
- Entry on the 1st floor
Interior Spaces
- 2,208 Sq Ft Home
- 1-Story Property
- Mountain Views
- Laundry Room
Bedrooms and Bathrooms
- 4 Bedrooms
- 4 Bathrooms
Additional Features
- Exterior Lighting
- Central Heating
Listing and Financial Details
- Tax Lot 2
- Tax Tract Number 9245
- Assessor Parcel Number 456151002
- $180 per year additional tax assessments
- Seller Considering Concessions
Community Details
Overview
- No Home Owners Association
- 2 Units
Building Details
- 2 Separate Electric Meters
- 2 Separate Gas Meters
- 1 Separate Water Meter
- Insurance Expense $2,000
- Trash Expense $450
- Water Sewer Expense $2,100
- Operating Expense $4,550
- Gross Income $46,200
- Net Operating Income $44,100
Map
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Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $5,234 | $456,318 | $114,610 | $341,708 |
| 2023 | $5,234 | $438,600 | $110,160 | $328,440 |
| 2022 | $3,789 | $317,220 | $61,200 | $256,020 |
| 2021 | $3,729 | $311,000 | $60,000 | $251,000 |
| 2020 | $2,144 | $171,836 | $28,611 | $143,225 |
| 2019 | $2,101 | $168,467 | $28,050 | $140,417 |
| 2018 | $2,040 | $165,164 | $27,500 | $137,664 |
| 2017 | $2,018 | $161,926 | $26,961 | $134,965 |
| 2016 | $2,004 | $158,752 | $26,433 | $132,319 |
| 2015 | $2,080 | $156,370 | $26,037 | $130,333 |
| 2014 | $1,915 | $153,309 | $25,528 | $127,781 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 10/15/2025 10/15/25 | For Sale | $575,000 | -- | $260 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Grant Deed | $95,000 | None Listed On Document | |
| Grant Deed | $95,000 | None Listed On Document | |
| Grant Deed | $80,000 | Ticor Title Company | |
| Interfamily Deed Transfer | -- | Accommodation | |
| Grant Deed | $125,000 | Chicago Title Company | |
| Interfamily Deed Transfer | -- | Chicago Title Company | |
| Grant Deed | $75,000 | Chicago Title Company | |
| Trustee Deed | $98,000 | None Available | |
| Grant Deed | $130,000 | Chicago Title Co | |
| Grant Deed | $100,000 | First American Title Ins Co |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $93,750 | Commercial | |
| Previous Owner | $103,920 | Commercial | |
| Previous Owner | $80,000 | No Value Available | |
| Closed | $10,000 | No Value Available |
Source: Public Records
About the Listing Agent
Josephine Sharma and Raj Sharma – Your Local Trusted Real Estate Experts!
They're experienced real estate professionals specializing in Standard Sales, Short Sales, and REO properties throughout Riverside County, San Bernardino County, and Orange County.
Josephine began her real estate career in 2005 and earned her Broker license in 2011. Raj entered the real estate industry with a background in mortgage lending, starting in 2005. He joined forces with Josephine in 2010 after
Josephine's Other Listings
-
$85,000 Under Contract
- Land
- 0.35 Acre
- $242,857 per Acre
- 0 E Stevens
- Unit SW25088148
- Lake Elsinore, CA
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SW25238060
APN: 456-151-002
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The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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