Home | Riverside County | Banning | 92220 | 640 W Nicolet
MLS: CROC26007699 | Status: Active | Price: $224,900
Beds/Baths: – / –
Property Type: Land
| Beds | Baths | Sq Ft | Acres Lot | Yr Built |
|---|---|---|---|---|
| – | – | – | 0.78 | – |
Investor/Developer Opportunity – R3 Land in Opportunity Zone for 16-Unit Multi-Family Project in rapidly growing Banning. The site allows for the construction of a 16-unit apartment complex, perfectly positioned to capitalize on the city’s strong rental demand and limited multi-family inventory. Banning’s rental market has continued to strengthen, driven by population and job growth as well as proximity to major job centers in Beaumont, Palm Springs, and the Inland Empire. With Interstate 10 access minutes away, this parcel offers excellent commuter connectivity and long-term investment security. Pro Forma & Investor Highlights: Entitled for 16 units – conservative market rents projected at $2,000–$2,400 per unit/month Annual Gross Potential Income: $384,000–$422,400 Estimated Expense Ratio: 20–30% ($76,800–$126,000 annually) Net Operating Income (NOI): $268,000–$346,000 Cap Rate Valuation: At a conservative 6–8% cap rate, the completed project could be valued between $4.4M–$5.7M Flat, buildable parcel ideal for cost-efficient construction Excellent location near schools, shopping, parks, and new retail development Banning remains one of Southern California’s most promising emerging markets, with a shortage of quality rental housing and steady population growth. Whether you build
| Field | Value |
|---|---|
| MLS # | CROC26007699 |
| MLS Source | California Regional MLS |
| Days on Site | 97 |
| Feature | Details |
|---|---|
| Water | Other |
| HOA Fee | $0 |
| Zoning | D3, LY |
Mikaela Nguyen
H & M Realty Group
License #: 02117027
Phone: –
School data provided by GreatSchools.org
| School | Type | Grades | Distance | Rating |
|---|---|---|---|---|
| Renu Hope Preschool | public | UG | 0.12 mi | N/A |
| Banning Prek | public | UG | 0.32 mi | N/A |
| Central Elementary School | public | K-5 | 0.38 mi | 2 |
| Banning Adult | public | UG | 0.39 mi | N/A |
| Banning Independent Study School | public | K-12 | 0.45 mi | 2 |
| New Horizon High School | public | 9-12 | 0.45 mi | 2 |
| Nicolet Middle School | public | 6-8 | 0.48 mi | 1 |
| Florida Street Discovery Center | public | KG | 0.75 mi | N/A |
| Hemmerling Elementary School | public | K-5 | 0.80 mi | 4 |
| Banning High School | public | 9-12 | 0.86 mi | 5 |
| Hoffer Elementary School | public | K-5 | 1.14 mi | 2 |
| Beaumont Middle College High | public | 10-12 | 1.76 mi | 9 |
| Sundance Elementary School | public | K-5 | 4.00 mi | 8 |
| Starlight Elementary | public | K-5 | 4.47 mi | 8 |
| Anna Hause Elementary School | public | K-5 | 4.57 mi | 5 |
| Beaumont Adult | public | UG | 4.92 mi | N/A |
| Glen View High School | public | 9-12 | 4.93 mi | 2 |
| 21st Century Learning Institute | public | K-12 | 4.93 mi | 8 |
| San Gorgonio Middle School | public | 6-8 | 4.95 mi | 6 |
| Address | Price | Beds | Baths | Sq Ft | Status |
|---|---|---|---|---|---|
| 2400 Blk N. San Gorgonio | $235,000 | – | – | – | Active |
| 0 Gorgonio | $204,000 | – | – | – | Active |
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This listing information is up-to-date as of March 07, 2026. For the most current information, please contact Mikaela Nguyen.