890 S Magnolia Ave Ontario, CA 91762

This is a development opportunity to construct a 5-story apartment building with 49 units and 108 parking spaces. The gross building area is 101,687 square feet, with a net rentable area of 50,280 square feet, situated on a 69,000 square foot lot. The unit breakdown includes 12 one-bedroom units and 37 two-bedroom units. The location in Ontario is adjacent to a 75-unit apartment building constructed in 2019. The project could be redesigned to accommodate up to 71 units on the site. Currently, the property has a single-family residence that is rented; however, it is being marketed as land for the development of a 49-unit apartment building, which will require demolition of the existing residence. The property will be delivered vacant at the close of escrow. The buyer will be responsible for the demolition of the existing single-family residence after closing and the costs associated with further plan processing and building permits. The site also includes APN# 1011-371-15-0000. The total site area is 69,000 square feet. The buyer is required to cooperate with the seller's exchange at no expense to the buyer. Letters of interest are requested to initiate negotiations. Please do not disturb the tenant; drive-by viewings only are permitted until a purchase contract has been negotiated.