640 W Nicolet Banning, CA 92220
- Added:
- Jan 19, 2026
- Days on Market:
- 71
- Last Refresh:
- Mar 31 at 11:06 pm
Property Features for 640 W Nicolet
General Information
- Property type
- Land
- Property subtype
- Other
- Zoning
- R3
- Exterior features
- Community Features Included: Gutters, Curbs, Blm/National Forest
- Standard status
- Active
- APN
- 541110007
- Lot size
- 33,977.00 Acres
Building Details
- Architectural style
- Other
Listing agent Mikaela Nguyen License #02117027 (916) 220-1391
Listing office H & M Realty Group 23121 Verdugo Dr, Suite 100, Laguna Hills, CA (949) 625-4533
Listing date Jan 19, 2026
MLS# OC26007699
Listing URL
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Overview
R3 Land Approved Project
This 0.78-acre parcel, zoned R3, is approved for a 16-unit multi-family project in Banning, California. The site is positioned to capitalize on rental demand and limited multi-family inventory. Banning's rental market is strengthening due to population and job growth, as well as proximity to job centers in Beaumont, Palm Springs, and the Inland Empire. The property offers commuter connectivity via Interstate 10. The flat, buildable parcel is suited for cost-efficient construction and is located near schools, shopping, parks, and new retail development. The property is positioned in an emerging market with a shortage of rental housing and population growth. The location allows for the construction of a 16-unit apartment complex. Pro forma numbers project market rents between $2,000 and $2,400 per unit per month, resulting in an annual gross potential income of $384,000 to $422,400. With an estimated expense ratio of 20 to 30%, the net operating income is projected between $268,000 and $346,000. At a 6 to 8% cap rate, the completed project could be valued between $4.4 million and $5.7 million.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Residential land & home ...
Location Insight
- Map
- Local Demand
- City
- Banning
- County
- Riverside
- State
- California
- Longitude
- -116.8837959
- Latitude
- 33.9286821
Nearby Similar for Sale
FAQs
What type of property is this?
Residential land & home lot - R3-zoned parcel approved for a 16-unit multi-family project.
Where is this residential land & home lot located?
The property is located at 640 W Nicolet Banning, CA.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: R3‑zoned land approved for a 16‑unit multi‑family project.; Strong income potential with projected rents of $2,000–$2,400 per unit/month.; Excellent location in rapidly growing Banning, near schools, shopping, parks, and new retail development.
