Upgraded Banning Home/Business
For Sale
$469,900
402 E Ramsey, Banning, CA 92220
Upgraded home or business near Banning Downtown Court House.
Property Size1,505 SF
Price / SF$312.23
Days on Market195
Property Features for 402 E Ramsey
General Information
Standard status
Active
Size
1,505 SF
Building Details
Year Built
1954
Listing Agency:
SUNSET HOMES REALTY
Listed By:
Jose Martinez · License #01422430
(951) 634-4833
Source:
Myfabuloushome
Added: Apr 24
Changed: Oct 25
Last Checked: Oct 7 at 12:58PM
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 SUNSET HOMES REALTY
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Investment Insights
Based on property information with market context.
Located in Banning Downtown, near the Court House, this upgraded property offers potential as either a home or a business. The building features 1,505 square feet of space, including two bedrooms and 1.5 bathrooms. Interior upgrades include newer carpet, ceramic tile, and laminated flooring, along with updated lights. The property also benefits from a newer roof and updated plumbing. Additional features include a concrete driveway and an enclosed breezeway. The small kitchen is equipped with a granite countertop. The backyard includes an 8 x 12 storage shed. The property is located in an area that is somewhat bikeable with a bike score of 39, and car-dependent with a walk score of 20. Conversion to commercial use may be possible, subject to verification with the City of Banning.
Key Highlights
- Upgraded home suitable for residential or commercial use (buyer to verify commercial use with the City of Banning).
- Conveniently located in Banning Downtown, close to the Court House.
- Features newer carpet, ceramic tile, and laminated flooring.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,646
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$472,920
$472.9K
Cap Rate 7%
$337,800
$337.8K
Cap Rate 9%
$262,733
$262.7K
Market Conditions
NOI Build-Up for 1,505 SF
Gross rent
$34.5K $22.92/SF
− Vacancy
−$3.0K −$1.97/SF
EGI
$31.5K $20.95/SF
− OpEx
−$7.9K −$5.24/SF
NOI
$23.6K $15.71/SF
Area
Riverside County, CA
Vacancy
8.60%
Lease Rate
$22.92 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$472,920
Cap Rate 7%
$337,800
Cap Rate 9%
$262,733
Alternative Uses
Best Use
Office B
$337.8K
$295.6K – $394.1K
NOI $23,646 @ 7.0% cap · market cap 5.03%
Second Best
Mixed Use
$199.1K
$174.3K – $232.3K
NOI $13,940 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$450.9K
$394.5K – $526.0K
NOI $31,561 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
540
Businesses Nearby
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Live-work space - Upgraded home or business near Banning Downtown Court House.
Where is this live-work space located?
The property is located at 402 E Ramsey Banning, CA.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Upgraded home suitable for residential or commercial use (buyer to verify commercial use with the City of Banning).; Conveniently located in Banning Downtown, close to the Court House.; Features newer carpet, ceramic tile, and laminated flooring.
