$ 4,200,000
890 S Magnolia AVE Ontario, CA 91762
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$ 4,200,000
Est. payment | /mo
1.58 Acres Lot
$ 4,200,000
Est. payment | /mo
1.58 Acres Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID P1-13420
HOA Y/N No
Lot Size 1.584 Acres
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.
Location
State CA
County San Bernardino
Area 686 - Ontario
Zoning HDR-45
Interior
Inclusions Plans expected to be approved by the City of Ontario for development of the proposed 49 unit apartment project in June 2024
Fireplace No
Exterior
Community Features Urban
Utilities Available Electricity Connected, Natural Gas Available, Phone Connected, Sewer Connected, Water Connected
View Y/N Yes
View Mountain(s)
Building
Lot Description Level
Water See Remarks
Others
Senior Community No
Tax ID 1011371160000
Acceptable Financing 1031 Exchange
Listing Terms 1031 Exchange
Special Listing Condition Standard
Listed by Donald Hinton • Engel & Voelkers La Canada • (818) 421-9071
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Valerie Condon
Partner | Lic# 680245