714-745-2708

640 W Nicolet, Banning, CA 92220

$149,900 Approx. USD 0 beds, 0 baths

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Marketed By The Keaty Team

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Marketed By The Keaty Team REALTOR® - Sales Associate 714-608-3298 m
714-745-2708 o
Lic#: 01276603
NRDS ID: 187514104
thekeatyteam@bhhscal.com Tustin Office
18302 Irvine Blvd, Suite 240
Tustin, CA 92780
Phone: 714-832-8800
Fax: 949-565-7700

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Listing Agent

Mikaela Nguyen | mikaela@hmrealtysocal.com
Lic#: 02117027
Broker: Courtesy of H & M Realty Group
Phone: 949-625-4533

Agent Remarks

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 $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.

Listing Details

Property type: (Lots/Land)

Status: Active

MLS# OC26007699

Price: $149,900

HOA Fee is $0.00

Beds: 0

Baths: 0

0.78 acres

Lot size: 0.7800

Subdivision: n/a

County: Riverside

Zoning: R3

Lot description: ElevenToFifteenUnitsAcre

MLS area: 263 - Banning/Beaumont/Cherry Valley

Last Updated: 10/2/2026

Days On Market (DOM): 260

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This listing belongs to the 263 - Banning/Beaumont/Cherry Valley MLS area

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Lat/Long: 33.928595, -116.869656.
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