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890 S Magnolia Ave - Magnolia 1.58 Acres of Residential Land Offered at $4,200,000 in Ontario, CA 91762

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INVESTMENT HIGHLIGHTS

  • 49 unit apartment development opportunity. With the opportunity to redesign for up to 71 units.

EXECUTIVE SUMMARY

The property is currently improved with a single family residence that is rented to a tenant. However, the property is being marketed as land for development of a 49 unit apartment building which will require demolition of the existing residence. Zoning could allow up to 71 units to be developed. The property will be delivered vacant at the Close of Escrow. Buyer will be responsible for demolition of the existing SFR after closing and the cost of further plan processing and building permits. Buyer to cooperate with Seller’s exchange at no expense to Buyer. Please submit Letters of Interest for consideration and to initiate negotiations. Do not disturb the tenant. Drive by only until a purchase contract has been negotiated.
Contact Don Hinton at 818-421-9071 or email don.hinton@evrealestate.com with any questions or to obtain additional project information. Please see link below for Partial Plans

PROPERTY FACTS

Price $4,200,000
Sale Type Investment
Sale Condition 1031 Exchange
No. Lots 1
Property Type Land
Property Subtype Residential
Proposed Use Apartment Units
Total Lot Size 1.58 AC
Zoning HDR-45

1 LOT AVAILABLE

Lot

Price $4,200,000
Price Per AC $2,651,478.33
Lot Size 1.58 AC

Two parcels totaling 69,000 SF of land and includes one SFR to be demolished when the site is developed. Currently designed as a 49 unit apartment development. Zoning is HDR 45 which could allow up to 45 units/acre or 71 units to be developed.

DESCRIPTION

Development opportunity to build a 49 unit 5 story apartment building with 108 parking spaces. The gross building area is 101,687 SF, the net rentable area is 50,280 SF and the lot size is 69,000 SF. Unit breakdown: 12-1 Bedroom units and 37-2 bedroom units. Excellent Ontario location adjacent to a 75 unit apartment building located at 840 S Magnolia that was built in 2019. Project could be redesigned for development of up to 71 units

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
1011-371-15
Land Assessment
$288,973
Improvements Assessment
$0
Total Assessment
$288,973
  • Listing ID: 28358479

  • Date on Market: 4/30/2023

  • Last Updated:

  • Address: 890 S Magnolia Ave, Ontario, CA 91762

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