640 W Nicolet, Banning, CA 92220

Property Description

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 citys strong rental demand and limited multi-family inventory. Bannings 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: 2030% ($76,800$126,000 annually) Net Operating Income (NOI): $268,000$346,000 Cap Rate Valuation: At a conservative 68% 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 Californias most promising emerging markets, with a shortage of quality rental housing and steady population growth. Whether you build to hold for strong cash flow or sell upon stabilization, this property offers significant upside potential. Dont miss this rare development opportunity pro forma numbers support strong returns with multiple exit strategies.

Listing Status:

Active

Date Added:

January 19, 2026

Data Last Updated:

May 21, 2026 at 4:13AM

Listing Office:

H & M Realty Group : 949-625-4533

Listing Agent:

Mikaela Nguyen : 916-220-1391

MLS ID:

OC26007699

Location

• HOA Amenities: 0.0
• Originating MLS: California Regional MLS
• County: Riverside

Lot

• Zoning: 541110007

Financial

• Source: California Regional MLS