United StatesCaliforniaOntario890 South Magnolia Avenue

890 South Magnolia Avenue
890 South Magnolia Avenue Ontario, California 91762 United States

$4,200,000
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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...
$4,200,000
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1.584 Acres
Exterior
Land
Property type
P1-13420
Web Id
P1-13420
MLS ID
Other
Subdivision
Ontario-Montclair
School District
333
days ago

About 890 South Magnolia Avenue

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.

Listing Courtesy of Engel & Voelkers La Canada, Email/Phone : (818) 421-9071

The listing brokers offer of compensation is made only to participants of the MLS where the listing is filed.

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Listing Courtesy of Engel & Voelkers La Canada, Email/Phone : (818) 421-9071
Listing Courtesy of Engel & Voelkers La Canada, Email/Phone : (818) 421-9071
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