CA > Banning
Banning, CA 92220,640 W Nicolet
Banning, CA 92220,640 W Nicolet
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John Herkenrath

John Herkenrath

+1(310) 221-2910
$279,900
Est. payment /mo
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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

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.

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

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CRMLS – RECore
Listed by Ryan Mitchell H & M Realty Group 949-533-7166
John Herkenrath

"John takes great pride in helping his clients through every step of the buying and selling process. Leveraging two decades of experience in pre-construction, new home sales and market sales exclusive representation. his vast knowledge in brokering home sales within luxury communities and new developments has proven invaluable to his clients."

+1(310) 221-2910

johnherkenrath@epiquerealty.com

<a href="https://maps.app.goo.gl/pirboN7SMpBm6tb18" target="_blank">3435 E Thousand Oaks Blvd #6354, Westlake Village CA 91359 </a>

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