640 W Nicolet, Banning, CA 92220

Banning
Local realty services provided by:ERA North Orange County Real Estate
640 W Nicolet,Banning, CA 92220
$224,900
  • 0 Acres
  • Lots / Land
  • Active
Listed by: mikaela nguyen
Office: h & m realty group
MLS#:OC26007699
Source:San Diego MLS via CRMLS

Price summary

  • Price:$224,900

About this home

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 citys strong rental demand and limited multi-family inventory. Bannings 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: 2030% ($76,800$126,000 annually) Net Operating Income (NOI): $268,000$346,000 Cap Rate Valuation: At a conservative 68% cap rate, the completed project could be valued between $4.4M$5.7M Flat, buildable...

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Home facts

  • Listing ID #:OC26007699
  • Added:229 day(s) ago
  • Updated:March 29, 2026 at 02:09 PM

Finances and disclosures

  • Price:$224,900
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