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640 W Nicolet, Banning, CA 92220

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For Sale

$299,900

Estimated Payment

$      /mo. †

APR for 30 years

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  • Other Residential
    Property type

  • Newly Listed
    Time on Century 21

Explore this Property

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 $2,200 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.
MLS# OC25171633

Courtesy Of H&M Realty Group

(949) 625-4533

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Directions to 640 W Nicolet, Banning, CA 92220

Home seller CENTURY 21 Sun Lakes Realty

Get to know the neighborhood. A local affiliated CENTURY 21 office will help you set up tours, give advice, and negotiate with sellers.

CENTURY 21 Sun Lakes Realty

(951) 845-7378
Learn More About Us

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This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person's eligibility to attend a school or to use or benefit from other city, town or local services.

† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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