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$ 2,650,000
Est. payment /mo
New
890 S Magnolia AVE Ontario, CA 91762
1.58 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID P1-28323
HOA Y/N No
Lot Size 1.584 Acres
Property Description
Excellent development opportunity. The HDR-45 zoning allows development of 45 units per acre. The property is approximately 69,000 SF which would allow development of up to 71 apartments or condominiums. This is the last parcel(s) of high-density residential land on S. Magnolia and is adjacent to a 75-unit apartment building developed in 2019. Includes parcel #'s 1011-371-16-0000 and 1011-371-15-0000.The property has been entitled for 49 apartment units; however, a buyer may pursue new entitlements for 71 units. The property is currently improved with a 2-bedroom, 2 bath single family residence that was built in 1926. The property has been priced based upon land value and the single-family residence does not contribute value to the property. The single-family home is currently rented month to month for $2,300/mo. The excess land is currently rented month to month for $275/mo. to a nursery, and the nursery tenant maintains the excess land. Please submit all offers using the CAR Residential Purchase Agreement. Buyer to cooperate with Seller's exchange. Drive by Only, Do Not Disturb the tenants. Asking price is $2,650,000 which is $37,324/Unit based upon 71 units and $38.40/ SF.
Location
State CA
County San Bernardino
Area 686 - Ontario
Zoning HDR-45
Interior
Fireplace No
Exterior
Community Features Urban
Utilities Available Electricity Connected, Natural Gas Available, Phone Connected, Sewer Connected, Water Connected
View Y/N Yes
View Mountain(s)
Building
Lot Description Level
Water Public
Others
Senior Community No
Tax ID 1011371160000
Acceptable Financing 1031 Exchange
Listing Terms 1031 Exchange
Special Listing Condition Standard
Listed by Donald Hinton Engel & Voelkers La Canada #00575959
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