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890 S Magnolia Ave - Magnolia

1.58 Acres of Residential Land Offered at $5,906,880 CAD in Ontario, CA 91762

Residential Land & Home Lots California Ontario 890 S Magnolia Ave, Ontario, CA 91762

Investment Highlights

  • 49 unit RTI apartment development opportunity. Plans are currently in plan check. Permits expected soon.

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 fully entitled 49 unit apartment building which will require demolition of the existing residence. The property will be delivered vacant at the Close of Escrow with permits Ready To Issue. Buyer will be responsible for demolition of the existing SFR after closing and the cost of the 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@dilbeck.com with any questions or to obtain additional project information. Please see link below of Brochure and Partial Plans

Attachments

Partial Plans*
890 S Magno;lia OM 2-15-24

Property Facts

Price $5,906,880 CAD Property Type Land
Sale Type Investment Property Subtype Residential
Sale Conditions 1031 Exchange Total Lot Size 1.58 AC
No. Lots 1
Price $5,906,880 CAD
Sale Type Investment
Sale Conditions 1031 Exchange
No. Lots 1
Property Type Land
Property Subtype Residential
Total Lot Size 1.58 AC

1 Lot Available

Lot

Price $5,906,880 CAD Lot Size 1.58 AC
Price Per AC $3,729,039 CAD
Price $5,906,880 CAD
Price Per AC $3,729,039 CAD
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. RTI project for a 49 unit apartment building which has been approved by the City of Ontario. All utilities to the level building site.

Description

Development opportunity with approved plans 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 and is stabilized at rents similar to the projected rents for this project.

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PROPERTY TAXES

Parcel Number 1011-371-15 Improvements Assessment $0 CAD
Land Assessment $399,160 CAD Total Assessment $399,160 CAD

PROPERTY TAXES

Parcel Number
1011-371-15
Land Assessment
$399,160 CAD
Improvements Assessment
$0 CAD
Total Assessment
$399,160 CAD

zoning

Zoning Code HDR-45
HDR-45
(818) 421-9071

  • Listing ID: 28358479

  • Date on Market: 2023-04-30

  • Last Updated:

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

The Land Property at 890 S Magnolia Ave, Ontario, CA 91762 is currently available For Sale. Contact Engel & Volkers for more information.

Land PROPERTIES IN NEARBY NEIGHBORHOODS

Nearby Listings

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890 S Magnolia Ave, Ontario, CA for sale Building Photo- Image 1 of 11
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890 S Magnolia Ave, Ontario, CA for sale Building Photo- Image 2 of 11
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890 S Magnolia Ave, Ontario, CA for sale Other- Image 3 of 11
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890 S Magnolia Ave, Ontario, CA for sale Site Plan- Image 4 of 11
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890 S Magnolia Ave, Ontario, CA for sale Floor Plan- Image 5 of 11
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890 S Magnolia Ave, Ontario, CA for sale Floor Plan- Image 6 of 11
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890 S Magnolia Ave, Ontario, CA for sale Floor Plan- Image 7 of 11
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890 S Magnolia Ave, Ontario, CA for sale Floor Plan- Image 8 of 11
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890 S Magnolia Ave, Ontario, CA for sale Floor Plan- Image 9 of 11
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890 S Magnolia Ave, Ontario, CA for sale Site Plan- Image 10 of 11
Partial Plans

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890 S Magnolia Ave - Magnolia
(818) 421-9071 x

890 S Magnolia Ave - Magnolia

Don Hinton

(818) 421-9071

(818) 421-9071

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