Banning, CA 92220,640 W Nicolet
Banning, CA 92220,640 W Nicolet
Banning, CA 92220,640 W Nicolet
4
See all 4 photos
Listed by Mikaela Nguyen • H & M Realty Group
$279,900
Est. payment /mo
Save
0.78 Acres Lot
New

640 W Nicolet Banning, CA 92220

Save
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Sun
25
Jan
Mon
26
Jan
Tue
27
Jan
Alex Kononoff

Alex Kononoff

+1(650) 207-5341

UPDATED:

Key Details

Property Type Vacant Land

Sub Type Other Residential Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID CROC26007699

Lot Size 0.780 Acres

Property Sub-Type Other Residential Land

Source California Regional MLS

Property Description

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 California's most promising emerging m

Location

State CA

County Riverside

Area 263 - Banning/Beaumont/Cherry Valley

Zoning D3,LY

Exterior

View None

Building

Water Other

Others

Tax ID 541110007

Special Listing Condition Not Applicable

MLS Listing IDX PLUS
Copyright 2026 MLSListings Inc All rights reserved.
SCHOOLSPROPERTIES
Elementary Schools 7
  • 5

    Central Elementary School

    Public | KG - 5

  • 3

    Hemmerling Elementary School

    Public | KG - 5

  • 1

    Hoffer Elementary School

    Public | KG - 5

  • 0

    Calvary Christian School

    Private | PK - 12

  • 0

    Young Scholar Education Center

    Private | PK - TKG

  • 0

    Susan B. Coombs Intermediate School

    Public | 5 - 6

  • 0

    Banning Independent Study

    Public | KG - 12

Middle Schools 1
  • 1

    Nicolet Middle School

    Public | 6 - 8

High Schools 2
  • 5

    Banning High School

    Public | 9 - 12

  • 0

    New Horizon High School

    Public | 9 - 12

School and business data provided by Attom Data.
Alex Kononoff
Alex Kononoff

Agent | License ID: 01387648

+1(650) 207-5341 | alexander.kononoff@exprealty.com

GET MORE INFORMATION

Name
Phone*
Message

By checking this box, I agree by electronic signature to the Electronic Disclosure Consent Agreement; to receive recurring marketing communication from or on behalf of Alex Kononoff, including auto-dialed calls, texts, and artificial/prerecorded voice messages (message frequency varies; data rates may apply; reply "STOP" to opt-out of texts or "HELP" for assistance); and to the Terms of Service and Privacy Policy of this website. Consent not required to make a purchase. I understand that I can call to obtain direct assistance.

Go tour this home

640 W Nicolet