2
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$299,900
Est. payment /mo
0.78 Acres Lot
New
640 W Nicolet Banning, CA 92220
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Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC25171633
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.
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, Level
Water Private
New Construction No
Others
Senior Community No
Tax ID 541110007
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Listed by Ryan Mitchell H & M Realty Group 949-533-7166