Property Details
About this Property
Investor/Developer Opportunity – R3 Land Approved for 16-Unit Multi-Family Project in Rapidly Growing Banning Seize a rare opportunity to acquire a prime R3-zoned parcel in the fast-growing city of Banning, California. 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 Calif
MLS Listing Information
MLS #
CROC25171633
MLS Source
California Regional MLS
Days on Site
9
Lots & Land Information
Lot Description
Grade - Level
Parking, School, and Other Information
Water
Private
HOA Fee
$0
Zoning
D3, LL
Neighborhood: Around This Home
Neighborhood: Local Demographics
Nearby Homes for Sale
640 W Nicolet is in Banning, CA 92220. This Land is currently priced at $299,900. This address can also be written as 640 W Nicolet, Banning, CA 92220.
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This listing information is up-to-date as of August 12, 2025. For the most current information, please contact Ryan Mitchell, (949) 533-7166
