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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!
Property Type(s):
Residential Income
| Last Updated | 10/15/2025 | Year Built | 1980 |
|---|---|---|---|
| Community | SRCAR - Southwest Riverside County | Garage Spaces | 4.0 |
| County | Riverside |
Additional Details
| AREA | SRCAR - Southwest Riverside County |
|---|---|
| GARAGE | Yes |
| HEAT | Central |
| LOT | 7405 sq ft |
| LOT DESCRIPTION | Front Yard |
| PARKING | Concrete, Direct Access, Driveway, Garage |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| VIEW | Yes |
| VIEW DESCRIPTION | Mountain(s) |
| WATER | Public |
Location
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Listed with LEGACY HOMES REALTY
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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