640 W Nicolet, Banning, CA 92220

Local realty services provided by:Better Homes and Gardens Real Estate Clarity
640 W Nicolet,Banning, CA 92220
$279,900
  • 0 Acres
  • Lots / Land
  • Active
Listed by: mikaela nguyen
Office: h & m realty group
MLS#:OC26007699
Source:San Diego MLS via CRMLS

Price summary

  • Price:$279,900

About this home

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

Contact an agent

contact an agent

Yes, I would like more information. Please use and/or share my information with a BHGRE®  affiliated agent to contact me about my real estate needs. By clicking Send message, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a BHGRE®  affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (CENTURY 21® , Coldwell Banker® , Corcoran® , ERA® , Sotheby's International Realty® ). I acknowledge that I have read and agree to theTerms of useandPrivacy notice

Home facts

  • Listing ID #:OC26007699
  • Added:193 day(s) ago
  • Updated:February 20, 2026 at 03:14 PM

Finances and disclosures

  • Price:$279,900
MLS LogoThis information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS®. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2020 San Diego MLS®, Inc.

New listings near 640 W Nicolet