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890 S Magnolia Avenue

Ontario, CA 91762
  • $4,200,000
  • STATUS: Active
  • ON SITE: 301 Days
  • ID#: P1-13420
Price Reduced
UPDATED: 30 min ago
$4,200,000
  • 0
    BEDS
  • 1.58
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Vacant Land / Lots
County:

School Ratings & Info

Listing Agent(s): Donald Hinton of Engel & Voelkers La Canada ((818) 790-6774)


Description

Development opportunity with approved plans to build a 49 unit 5 story apartment building with 108 parking spaces. The gross building area is 101,687 SF, the net rentable area is 50,280 SF and the lot size is 69,000 SF. Unit breakdown: 12-1 Bedroom units and 37-2 bedroom units. Excellent Ontario location adjacent to a 75 unit apartment building located at 840 S Magnolia that was built in 2019 and is stabilized at rents similar to the projected rents for this project. Price of the land per unit is $85,714 and price of the land per SF of land is $61 and compares favorably with RTI land sale Comps.The completed projects stabilized value is estimated to be $26,500,000 which is $540,816 per unit and $527 per SF of NRA. The asking price for the land is $4,200,000, roughly 16% of the stabilized value, providing excellent upside to the Buyer/Developer.The property is currently improved with a single family residence that is rented to a tenant. However, the property is being marketed as land for development of a fully entitled 49 unit apartment building which will require demolition of the existing residence. The property will be delivered vacant at the Close of Escrow with permits Ready to Issue. Buyer will be responsible for demolition of the existing SFR after closing and the cost of the building permits. Site also includes APN# 1011-371-15-0000. Total site area is 69,000 SF.Buyer to cooperate with Seller's exchange at no expense to Buyer. Please submit Letters of Interest for consideration and to initiate negotiations.Do not disturb the tenant. Drive by only until a purchase contract has been negotiated.Contact Don Hinton at 818-421-9071 or email don.hinton@dilbeck.com with any questions or to obtain additional project information.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-26T09:33:35.967. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or RE/MAX Empire Properties. Licensed in the State of California, USA.
www.inlandempiresold.com/homes/139072012
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890 S Magnolia Avenue Ontario, CA 91762

  • Price: $4,200,000
  • Status: Active
  • On Site: 301 Days
  • Updated: 30 min ago
  • ID#: P1-13420
0
Beds
0
Baths
0
½ Baths
1.58
Acres
Neighborhood:
Other
County:
San Bernardino
Area:
686 - Ontario
Property Description
Development opportunity with approved plans to build a 49 unit 5 story apartment building with 108 parking spaces. The gross building area is 101,687 SF, the net rentable area is 50,280 SF and the lot size is 69,000 SF. Unit breakdown: 12-1 Bedroom units and 37-2 bedroom units. Excellent Ontario location adjacent to a 75 unit apartment building located at 840 S Magnolia that was built in 2019 and is stabilized at rents similar to the projected rents for this project. Price of the land per unit is $85,714 and price of the land per SF of land is $61 and compares favorably with RTI land sale Comps.The completed projects stabilized value is estimated to be $26,500,000 which is $540,816 per unit and $527 per SF of NRA. The asking price for the land is $4,200,000, roughly 16% of the stabilized value, providing excellent upside to the Buyer/Developer.The property is currently improved with a single family residence that is rented to a tenant. However, the property is being marketed as land for development of a fully entitled 49 unit apartment building which will require demolition of the existing residence. The property will be delivered vacant at the Close of Escrow with permits Ready to Issue. Buyer will be responsible for demolition of the existing SFR after closing and the cost of the building permits. Site also includes APN# 1011-371-15-0000. Total site area is 69,000 SF.Buyer to cooperate with Seller's exchange at no expense to Buyer. Please submit Letters of Interest for consideration and to initiate negotiations.Do not disturb the tenant. Drive by only until a purchase contract has been negotiated.Contact Don Hinton at 818-421-9071 or email don.hinton@dilbeck.com with any questions or to obtain additional project information.
Exterior Features

Lot Features Level Parking Total 0 View Mountain(s) View YN Yes

Property Features

Association Fee 0 Common Interest None Community Features Urban Inclusions Plans expected to be approved by the City of Ontario for development of the proposed 49 unit apartment project in June 2024 Land Lease YN No Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms 1031 Exchange Possession Close Of Escrow Senior Community YN No Special Listing Conditions Standard Utilities Electricity ConnectedNatural Gas AvailablePhone ConnectedSewer ConnectedWater Connected Water Source See Remarks Zoning HDR-45



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-26T09:33:35.967. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or RE/MAX Empire Properties. Licensed in the State of California, USA.
 
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RE/MAX Empire Properties
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Hemet CA, 92545
Listing Agent(s): Donald Hinton of Engel & Voelkers La Canada ((818) 790-6774)