640 W Nicolet, Banning, CA 92220

Property Description

Investor/Developer Opportunity – R3 Land Approved for 16-Unit Multi-Family Project in Rapidly Growing Banning Seize a rare opportunity to acquire a prime R3-zoned parcel in the fast-growing city of Banning, California. 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 pr

Listing Status:

Active

Date Added:

January 19, 2026

Data Last Updated:

February 7, 2026 at 6:08PM

Listing Office:

H & M Realty Group : 949-625-4533

Listing Agent:

Mikaela Nguyen : 916-220-1391

MLS ID:

CROC26007699

Location

• HOA Amenities: 0.0
• Originating MLS: CRMLS
• County: Riverside

Lot

• Zoning: R3541110007
• View: None

Utilities

• Utilities: Water/Sewer See Remarks

Financial

• Source: CRMLS