Save
Ask
Tour
Hide
Share
$4,200,000
604 Days On Site

890 S Magnolia Avenue
Ontario, CA 91762

For Sale|Land|Active
Subdivision:
Other
County:
San Bernardino
Listed by Donald Hinton of Engel & Voelkers La Canada [email protected]

Due to the health concerns created by Coronavirus we are offering personal 1-1 online video walkthough tours where possible.

Call Now: (678) 675-6575
Is this the home for you? We can help make it yours.
(678) 675-6575
890 S Magnolia Avenue
Save
Ask
Tour
Hide
Share

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.

Save
Ask
Tour
Hide
Share
Listing Snapshot
Price 
$4,200,000
Days On Site 
604 Days
Bedrooms 
N/A
Inside Area (SqFt) 
N/A
Total Baths 
N/A
Full Baths 
N/A
Partial Baths 
N/A
Lot Size 
1.584 Acres
Year Built 
N/A
MLS® Number 
P1-13420
Status 
Active
Property Tax 
N/A
HOA/Condo/Coop Fees 
N/A
Sq Ft Source 
N/A
Friends & Family
Recent Activity
3 weeks agoListing updated with changes from the MLS®
10 months agoPrice changed to $4,200,000
2 years agoListing first seen on site
General Features
Acres 
1.584
Special Circumstances 
Standard
Utilities 
Electricity ConnectedNatural Gas AvailablePhone ConnectedSewer ConnectedWater Connected
Water Source 
See Remarks
Zoning 
HDR-45
Save
Ask
Tour
Hide
Share
Exterior Features
Lot Features 
Level
View 
Mountain(s)
Waterview 
Mountain(s)
Community Features
Financing Terms Available 
1031 Exchange
MLS Area 
686 - Ontario


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. The display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

Neighborhood & Commute
Source: Walkscore
Save
Ask
Tour
Hide
Share