R3 Land for 16-Unit
For Sale
$124,900
640 W Nicolet, Banning, CA 92220
Flat, buildable R3 parcel entitled for a 16-unit apartment complex in an Opportunity Zone.
Property SizeContact for details
Days on Market185
Property Features for 640 W Nicolet
General Information
Standard status
Active
Property subtype
Land
Zoning
R3
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Listing Agency:
H&M Realty Group
Listed By:
Mikaela Nguyen · License #02117027
(916) 220-1391
Source:
Elliman
Added: Apr 28
Changed: Oct 27
Last Checked: Oct 28 at 8:42AM
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 H&M Realty Group
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Investment Insights
Based on property information with market context.
For sale is R3 zoned land in an Opportunity Zone, presented as an investor/developer opportunity for a 16-unit apartment complex. The site is described as flat and buildable, with entitlement for 16 units.
The property is located in Banning, with access to Interstate 10 minutes away. Public remarks also describe the site as positioned near schools, shopping, parks, and new retail development, supported by ongoing rental demand and limited multifamily inventory.
The seller’s materials include pro forma investor highlights tied to a 16-unit buildout, including projected annual gross potential income range and estimated operating expense ratio, along with a stated NOI range and cap-rate based valuation range for the completed project.
The property is located in Banning, with access to Interstate 10 minutes away. Public remarks also describe the site as positioned near schools, shopping, parks, and new retail development, supported by ongoing rental demand and limited multifamily inventory.
The seller’s materials include pro forma investor highlights tied to a 16-unit buildout, including projected annual gross potential income range and estimated operating expense ratio, along with a stated NOI range and cap-rate based valuation range for the completed project.
Key Highlights
- Flat, buildable R3 parcel in an Opportunity Zone, entitled for a 16‑unit apartment complex.
- Designed for construction of a 16‑unit apartment complex.
- Pro forma: annual gross potential income estimated at $384,000–$422,400 ($2,000–$2,400 per unit/month).
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
659
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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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Flat, buildable R3 parcel entitled for a 16-unit apartment complex in an Opportunity Zone.
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 $124,900.
What are key features of this property?
This property features: Flat, buildable R3 parcel in an Opportunity Zone, entitled for a 16‑unit apartment complex.; Designed for construction of a 16‑unit apartment complex.; Pro forma: annual gross potential income estimated at $384,000–$422,400 ($2,000–$2,400 per unit/month).
