R3-Zoned 16-Unit Development
For Sale
$150,000
640 W Nicolet, Banning, CA 92220
Land, Banning, CA
Property SizeContact for details
Lot Size0.78 Acres
Days on Market235
Property Features for 640 W Nicolet
General Information
Property type
Land
Property subtype
Other
Zoning
R3
Subdivision
Other (OTHR)
Lot features
11-15 Units/ Acre, Lot 20000-39999 Sqft
Directions
10 to Hargrave St, left on W Nicolet
Standard status
Active
APN
541110007
Lot size
0.78 Acres
Listing Agency:
H & M Realty Group
(949) 625-4533
Listed By:
Mikaela Nguyen · License #02117027
(916) 220-1391
Added: Jan 19
Changed: Aug 24
Last Checked: Sep 11 at 12:06AM
MLS# OC26007699
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flat, buildable land parcel is zoned R3 and approved for the construction of a 16-unit apartment complex. The site is presented as an investor/developer opportunity in Riverside County, offering a straightforward pathway toward multifamily development on the currently entitled density.
The offering is located in Banning, CA, with Interstate 10 access described as minutes away. Public remarks also cite proximity to schools, shopping, parks, and new retail development. Investor materials include a pro forma range with annual gross potential income projected at $384,000 to $422,400, an estimated expense ratio of 20% to 30%, and net operating income estimated at $268,000 to $346,000, alongside a valuation example based on a 6% to 8% cap rate.
The offering is located in Banning, CA, with Interstate 10 access described as minutes away. Public remarks also cite proximity to schools, shopping, parks, and new retail development. Investor materials include a pro forma range with annual gross potential income projected at $384,000 to $422,400, an estimated expense ratio of 20% to 30%, and net operating income estimated at $268,000 to $346,000, alongside a valuation example based on a 6% to 8% cap rate.
Key Highlights
- R3‑zoned parcel approved for a 16‑unit multi‑family apartment project in Banning, CA
- Pro forma: conservative market rents projected at $2,000–$2,400 per unit/month
- Pro forma annual gross potential income of $384,000–$422,400 with an estimated 20–30% expense ratio
Property Analytics
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Current Use
Lease Details
16
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
659
Businesses Nearby
Explore this area
Business Placement
Demographics for 92220, CA
32,947
Population
13,258
Households
2.5
Avg Household Size
43
Median Age
17%
College-Educated
82%
High-School Grad
141.3 sq mi
ZIP Area
233
Density / Sq Mi
$59,116
Median Household Income
$35,428
Median Earnings
$1,499
Median Rent
$324,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Flat, buildable R3 parcel approved for a 16-unit apartment complex in Banning, California.
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 $150,000.
What are key features of this property?
This property features: R3‑zoned parcel approved for a 16‑unit multi‑family apartment project in Banning, CA; Pro forma: conservative market rents projected at $2,000–$2,400 per unit/month; Pro forma annual gross potential income of $384,000–$422,400 with an estimated 20–30% expense ratio
