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890 S Magnolia Ave - Magnolia
1.58 Acres of Residential Land Offered at £3,313,800 in Ontario, CA 91762
Investment Highlights
- 49 unit RTI apartment development opportunity. Plans are currently in plan check. Permits expected soon.
Executive Summary
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. Please see link below of Brochure and Partial Plans
Property Facts
| Price | £3,313,800 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| Sale Conditions | 1031 Exchange | Total Lot Size | 1.58 AC |
| No. Lots | 1 |
| Price | £3,313,800 |
| Sale Type | Investment |
| Sale Conditions | 1031 Exchange |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 1.58 AC |
1 Lot Available
Lot
| Price | £3,313,800 | Lot Size | 1.58 AC |
| Price Per AC | £2,092,016 |
| Price | £3,313,800 |
| Price Per AC | £2,092,016 |
| Lot Size | 1.58 AC |
Two parcels totaling 69,000 SF of land and includes one SFR to be demolished when the site is developed. RTI project for a 49 unit apartment building which has been approved by the City of Ontario. All utilities to the level building site.
Description
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.
PROPERTY TAXES
| Parcel Number | 1011-371-15 | Improvements Assessment | £0 |
| Land Assessment | £223,815 | Total Assessment | £223,815 |
PROPERTY TAXES
zoning
| Zoning Code | HDR-45 |
| HDR-45 |
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Don Hinton -
Engel & Volkers
Presented by
890 S Magnolia Ave - Magnolia
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