Active

890 S Magnolia Avenue

Ontario CA, 91762

$4,200,000


$60.87 per sqft

Active

1.58 Acres

Land

Listed by Donald Hinton with Engel & Voelkers La Canada (818) 790-6774

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 [email protected] with any questions or to obtain additional project information.

P1-13420

MLS ID

April 21, 2023

Listed

February 16, 2024

Updated

Map

890 S Magnolia Avenue
Ontario CA, 91762

Exterior/Building Features

Lot Size

1.58 Acres


Lot Features

Level

Other Property Details

Area Name

686 - Ontario


Days on Market

291


Garage

No


Parking Total

0


View

Yes


View Description

Mountain(s)


County

San Bernardino


Water Source

See Remarks


Pool

No


Zoning

HDR-45


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

2/16/2024

Price Change

$4,200,000

-20%

Listing Contact: (818) 790-6774 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 2/16/2024. 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. 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 2/16/2024 at 11:41 PM UTC

 

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