640 Nicolet, Banning, CA 92220

Local realty services provided by:ERA Excel Realty
640 Nicolet,Banning, CA 92220
$279,900
  • 0.78 Acres
  • Lots / Land
  • Active
Listed by: mikaela nguyen
Office: h & m realty group
MLS#:OC26007699
Source:CAREIL

Price summary

  • Price:$279,900

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 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

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Home facts

  • Listing ID #:OC26007699
  • Added:185 day(s) ago
  • Updated:February 13, 2026 at 05:31 PM

Structure and exterior

  • Lot area:0.78 Acres

Finances and disclosures

  • Price:$279,900
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