Land for sale
$4,200,000 - Ontario CA 91762Ontario CA 91762
Land for sale
- Price: $4,200,000
- Reference No.: 69190777
Advertisement
Overview
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 or email with any questions or to obtain additional project information.Land Ontario
This Land for sale is located at Ontario CA 91762. The home has . This Land in Ontario CA is for sale for $4,200,000 .
Disclaimer
2024-03-31, Viewed 0 times.
Disclaimer
The information about this listing comprises a listing advertisement. Listanza makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information. Further, Listanza has no control over the content. The information is provided and maintained by the owner/agent. Please contact the owner/agent directly to obtain any additional information.
2024-03-31, Viewed 0 times.
Search more listings
- Top 50 1 bedroom apartment for rent welland on pool
- Top 20 1 bedroom house for rent jersey city nj gym
- Top 20 1 bedroom apartment for rent west palm beach fl garden
- Top 20 1 bedroom apartment for rent coquitlam bc appliances
- Top 10 3 bedroom house for sale schaumburg il appliances
- Top 10 3 bedroom house for sale brownwood tx backyard
- Top 10 3 bedroom house for sale virginia beach va tub
- Top 50 2 bedroom apartment for rent london on sauna
- Top 20 3 bedroom house for rent chandler az shopping
- Top 10 2 bedroom house for sale columbus oh fireplace
- Top 10 3 bedroom apartment for rent owings mills md fireplace
- Top 10 3 bedroom house for sale dade city fl backyard