Thank you
Donald Hinton
Engel & Voelkers La Canada
818-790-6774
Development opportunity with approved plans 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 and is stabilized at rents similar to the projected rents for this project. Price of the land per unit is $85,714 and price of the land per SF of land is $61 and compares favorably with RTI land sale Comps.The completed projects stabilized value is estimated to be $26,500,000 which is $540,816 per unit and $527 per SF of NRA. The asking price for the land is $4,200,000, roughly 16% of the stabilized value, providing excellent upside to the Buyer/Developer.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 fully entitled 49 unit apartment building which will require demolition of the existing residence. The property will be delivered vacant at the Close of Escrow with permits Ready to Issue. Buyer will be responsible for demolition of the existing SFR after closing and the cost of 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.Contact Don Hinton at 818-421-9071 or email [email protected] with any questions or to obtain additional project information.
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Total Baths: 0
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 1.584
Lot Size Source: Public Records
Lot Size Square Feet: 69000
Original List Price: 4,200,000
Listing Contract Date: 2023-04-21
Listing Agreement: Exclusive Right To Sell
Parcel Number: 1011371160000
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 686 - Ontario
Directions: South on S. Magnolia Ave. from W Mission Blvd.
Zoning: HDR-45
Source Property Type: Land
Area: 686 - Ontario
Year Built Source: Vendor Enhanced
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
716 W Phillips Street #15, Ontario, CA,91762 | $6,700,000 | 30 | -- | 17,071 | 46282 Sqft |
300 W Saint Andrews Str.., Ontario, CA,91762 | $899,000 | 4 | 3 | 3,405 | 7320 Sqft |
622 N Vine 622-630 Avenue, Ontario, CA,91762 | $1,350,000 | -- | -- | 3,792 | 5184 Sqft |
514 W Ralston Street, Ontario, CA,91762 | $749,900 | 4 | 4 | 1,920 | 7700 Sqft |
Phillips, Ontario, CA,91762 | $3,225,000 | -- | -- | -- | 179902.8 Sqft |
2064 S Magnolia Avenue, Ontario, CA,91762 | $2,679,000 | -- | -- | -- | 204732 Sqft |
1055 W Francis Street #F, Ontario, CA,91762 | $289,900 | 1 | 1 | 585 | 585 Sqft |
961 W Holt Boulevard, Ontario, CA,91762 | $850,000 | -- | -- | 3,208 | 23000 Sqft |
961 W Holt Boulevard, Ontario, CA,91762 | $850,000 | 5 | -- | 3,208 | 23000 Sqft |
1401 N Elderberry, Ontario, CA,91762 | $445,000 | 2 | 1 | 1,012 | 232 Acres |
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ByOwner last updated this listing 05/06/2024 @ 10:30
MLS: P1-13420
LISTED BY: Donald Hinton, Engel & Voelkers La Canada
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.