Ontario Development
890 S Magnolia, Ontario, CA 91762
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Land for 49-unit apartment building development with 108 parking spaces.
Type:Land
Property size:
101,687 SFLot size:
1.58 AcresPrice / SF:
$41/SF- Added:
- Apr 22, 2023
- Days on Market:
- 1119
- Last Refresh:
- Mar 16 at 3:28 pm
Property Features for 890 S Magnolia
General Information
- Standard status
- Active
- Size
- 101,687 SF
- Lot size
- 1.58 Acres
- Property subtype
- Land
Listing agent Donald Hinton License #00575959
Listing office Engel & Voelkers La Canada (818) 421-9071
Listing date Apr 22, 2023
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Engel & Voelkers La Canada
HighLights
- Development opportunity for a 49‑unit, 5‑story apartment building with 108 parking spaces.
- Potential to redesign the project to build up to 71 units.
- Excellent Ontario location adjacent to a 75‑unit apartment building built in 2019.
- Property will be delivered vacant at the Close of Escrow.
- Gross building area of 101,687 SF and a lot size of 69,000 SF.
- Unit breakdown: 12 one‑bedroom units and 37 two‑bedroom units.
Overview
This property presents 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. Located in Ontario, the site is adjacent to a 75-unit apartment building constructed in 2019. Redesigning the project could potentially yield up to 71 units on the site. Currently, the property features a single-family residence occupied by a tenant. However, it is being marketed as land suitable for the development of a 49-unit apartment building, necessitating the demolition of the existing residence. The property will be delivered vacant upon the close of escrow. The buyer will be responsible for the demolition of the existing single-family residence after closing, as well as the costs associated with further plan processing and building permits. The site also includes APN# 1011-371-15-0000. The total site area encompasses 69,000 square feet. The buyer is expected to cooperate with the seller's exchange at no expense to the buyer. Letters of interest are requested for consideration and to initiate negotiations. Please refrain from disturbing the tenant; drive-by viewings are permitted until a purchase contract has been negotiated.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Land
Location Insight
- Map
- Local Demand
- City
- Ontario
- County
- San Bernardino
- State
- California
- Longitude
- -117.6726207
- Latitude
- 34.0542662
Nearby Similar for Sale
FAQs
What type of property is this?
Land - Land for 49-unit apartment building development with 108 parking spaces.
Where is this land located?
The property is located at 890 S Magnolia Ontario, CA.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: Development opportunity for a 49‑unit, 5‑story apartment building with 108 parking spaces.; Potential to redesign the project to build up to 71 units.; Excellent Ontario location adjacent to a 75‑unit apartment building built in 2019.
