640 W Nicolet, Banning, CA 92220
640 W Nicolet, Banning, CA 92220
640 W Nicolet, Banning, CA 92220
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Sharad Gupta

Sharad Gupta

+1(408) 401-1003
Listed by Mikaela Nguyen, DRE #02117027 • H & M Realty Group
$124,900
Est. payment /mo
0.78 Acres Lot
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Key Details

Property Type Vacant Land

Sub Type Other Residential Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID CROC26007699

Lot Size 0.780 Acres

Property Sub-Type Other Residential Land

Source California Regional MLS

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

Location

State CA

County Riverside

Area 263 - Banning/Beaumont/Cherry Valley

Zoning D3,LY

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Water Other

Others

Tax ID 541110007

Special Listing Condition Not Applicable

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Sharad Gupta
Sharad Gupta

Broker License ID: 02213637

+1(408) 401-1003

5201 Great America Pkwy, Santa Clara, CA 95054, USA

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640 W Nicolet

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