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640 W Nicolet, Banning, CA 92220

Banning
Local realty services provided by:CENTURY 21 Wildwood Properties, Inc.
640 W Nicolet,Banning, CA 92220
$224,900
  • 0.78 Acres
  • Lots / Land
  • Active
Listed by: mikaela nguyen
Office: h & m realty group
MLS#:CROC26007699
Source:Bay East, CCAR, bridgeMLS

Price summary

  • Price:$224,900

About this home

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...

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Home facts

  • Listing ID #:CROC26007699
  • Added:236 day(s) ago
  • Updated:April 06, 2026 at 02:34 PM

Structure and exterior

  • Lot area:0.78 Acres
  • Architectural Style:Unimproved Land

Finances and disclosures

  • Price:$224,900
MLS LogoBay East 2026. CCAR 2026 bridgeMLS 2026. Information Deemed Reliable But Not Guaranteed. This information is being provided by the Bay East MLS, or CCAR MLS, or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website. This information is intended for the personal use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated at April 6, 2026

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