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Banning, CA 92220,640 W Nicolet
Banning, CA 92220,640 W Nicolet
Banning, CA 92220,640 W Nicolet
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Rob Denny

Rob Denny

+1(858) 504-0449
$279,900
Est. payment /mo
0.78 Acres Lot
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UPDATED:

Key Details

Property Type Vacant Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID OC26007699

HOA Y/N No

Lot Size 0.780 Acres

Property Description

Investor/Developer Opportunity – R3 Land Approved for 16-Unit Multi-Family Project in Rapidly Growing Banning Seize a rare opportunity to acquire a prime R3-zoned parcel in the fast-growing city of Banning, California. The site allows for the construction of a 16-unit apartment complex, perfectly positioned to capitalize on the city's strong rental demand and limited multi-family inventory. Banning's rental market has continued to strengthen, driven by population and job growth as well as proximity to major job centers in Beaumont, Palm Springs, and the Inland Empire. With Interstate 10 access minutes away, this parcel offers excellent commuter connectivity and long-term investment security. Pro Forma & Investor Highlights: Entitled for 16 units – conservative market rents projected at $2,000–$2,400 per unit/month Annual Gross Potential Income: $384,000–$422,400 Estimated Expense Ratio: 20–30% ($76,800–$126,000 annually) Net Operating Income (NOI): $268,000–$346,000 Cap Rate Valuation: At a conservative 6–8% cap rate, the completed project could be valued between $4.4M–$5.7M Flat, buildable parcel ideal for cost-efficient construction Excellent location near schools, shopping, parks, and new retail development Banning remains one of Southern California's most promising emerging markets, with a shortage of quality rental housing and steady population growth. Whether you build to hold for strong cash flow or sell upon stabilization, this property offers significant upside potential. Don't miss this rare development opportunity – pro forma numbers support strong returns with multiple exit strategies.

Location

State CA

County Riverside

Area 263 - Banning/Beaumont/Cherry Valley

Zoning R3

Interior

Fireplace No

Exterior

Community Features Curbs, Gutter(s), Near National Forest

View Y/N No

View None

Building

Lot Description 11-15 Units/Acre

Water See Remarks

New Construction No

Others

Senior Community No

Tax ID 541110007

Acceptable Financing Cash, Cash to New Loan, Submit

Listing Terms Cash, Cash to New Loan, Submit

Special Listing Condition Standard

Read Less Info
CRMLS – RECore
Listed by Mikaela Nguyen H & M Realty Group 916-220-1391

Nearby Locations

SCHOOLS PROPERTIES
Elementary Schools 5
  • 5

    Central Elementary School

    Public | KG - 5

  • 3

    Hemmerling Elementary School

    Public | KG - 5

  • 1

    Hoffer Elementary School

    Public | KG - 5

  • 0

    Susan B. Coombs Intermediate School

    Public | 5 - 6

  • 0

    Banning Independent Study

    Public | KG - 12

Middle Schools 1
  • 1

    Nicolet Middle School

    Public | 6 - 8

High Schools 2
  • 5

    Banning High School

    Public | 9 - 12

  • 0

    New Horizon High School

    Public | 9 - 12

School and business data provided by Attom Data.

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Rob Denny

Rob Denny

+1(858) 504-0449

Agent | License ID: #01786169

Agent License ID: #01786169

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