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890 Magnolia Avenue

Ontario, CA 91762

$4,200,000

Listed Price
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bed Beds

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shower Baths

N/A sqft

straighten $60 / sqft

calendar_month Built

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.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
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Listing Information

Address 890 Magnolia Avenue
City Ontario
State CA
Zip 91762
County San Bernardino
Listing Agent Donald Hinton DRE#00575959
Courtesy Of Engel & Voelkers La Canada
MLS P113420
List Price $4,200,000
Status Active
Type Land
Structure Size N/A
Lot Size 69,000
DOM 348

Exterior Information

Maps

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Listing information courtesy of: Donald Hinton, Engel & Voelkers La Canada . *Based on information from the Association of REALTORS/Multiple Listing as of Apr 11th, 2024 at 1:19 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.