Development opportunity 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. Project could be redesigned to build up to 71 units on the site.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 49 unit apartment building which will require demolition of the existing residence. The property will be delivered vacant at the Close of Escrow. Buyer will be responsible for demolition of the existing SFR after closing and the cost of further plan processing and the building permits. Site also includes APN# 1011-371-15-0000. Total site area is 69,000 SF.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.
Property Details
Price:
$4,200,000
MLS #:
P1-13420
Status:
Active
Baths:
0
Address:
890 S Magnolia Avenue 1011371160000
Type:
Land
Neighborhood:
686ontario
City:
Ontario
Listed Date:
Apr 21, 2023
State:
CA
ZIP:
91762
Lot Size:
69,000 sqft / 1.58 acres (approx)
See this Listing
Mortgage Calculator
Schools
Interior
Exterior
Community Features
Urban
Financial
Map
Community
- Address890 S Magnolia Avenue 1011371160000 Ontario CA
- Area686 – Ontario
- CityOntario
- CountySan Bernardino
- Zip Code91762
Similar Listings Nearby
- 4186 Riverside Drive 1016501110000
Chino, CA$5,000,000
3.35 miles away
- 549 W Holt Boulevard 1049021090000
Ontario, CA$4,950,000
1.03 miles away
- 821 N Garey Avenue 8336010006
Pomona, CA$4,500,000
4.59 miles away
- 1367 S Towne Avenue 8333024004
Pomona, CA$3,500,000
3.99 miles away

890 S Magnolia Avenue 1011371160000
Ontario, CA
LIGHTBOX-IMAGES