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Listed by Mikaela Nguyen • Unknown Office
$ 124,900
Est. payment /mo
Price Dropped by $25K
640 West Nicolet Banning, CA 92220
0.78 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC-26007699
Lot Size 0.780 Acres
Source California Regional Multiple Listing Service (CRMLS)
Property Description
Investor/Developer Opportunity – R3 Land in Opportunity Zone for 16-Unit Multi-Family Project in rapidly growing Banning. 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
Exterior
Community Features BLM/National Forest, Curbs, Gutters
View Y/N No
View None
Building
Lot Description Lot 20000-39999 Sqft, 11-15 Units/Acre