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  • 640 W Nicolet

640 W Nicolet, Banning, CA 92220

$199,900 Approx. USD 0 beds, 0 baths

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Photo of Nicolette Gilbert

Nicolette Gilbert REALTOR® - Sales Associate 619-755-8112 m
619-595-7020 o
Lic#: 02102274
NRDS ID: 196580428
NicolettePacho@bhhscal.com Text Me
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Lic#: 02102274
NRDS ID: 196580428
NicolettePacho@bhhscal.com Rancho Bernardo Office
16969 Bernardo Center Drive, Suite 100
San Diego, CA 92128
Phone: 858-487-3520
Fax: 858-451-0932
 Rancho Bernardo 16969 Bernardo Center Drive, Suite 100
San Diego, CA 92128
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Fax: 858-451-0932
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Listing Agent


Mikaela Nguyen | mikaela@hmrealtysocal.com
Lic#: 02117027
Broker: Courtesy of H & M Realty Group
Phone: 949-625-4533

Agent Remarks

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 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 promising emerging markets, with a shortage of quality rental housing and steady population growth. Whether you build to hold for strong cash flow or sell upon stabilization, this property offers significant upside potential. Don’t miss this rare development opportunity – pro forma numbers support strong returns with multiple exit strategies.

Listing Details

Property type: (Lots/Land)
Status: Active
MLS# OC26007699
List price is $199,900 Reduced by $25,000 on 6/4/2026
Price: $199,900
HOA Fee is $0.00
Beds: 0
Baths: 0
0.78 acres
Lot size: 0.7800
Subdivision: n/a
County: Riverside
Zoning: R3
Lot description: ElevenToFifteenUnitsAcre
MLS area: 263 - Banning/Beaumont/Cherry Valley

Last Updated: 6/11/2026

 Days On Market (DOM): 152

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This listing belongs to the 263 - Banning/Beaumont/Cherry Valley MLS area

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Lat/Long: 33.927312, -116.867476.
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DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or its applicability to your financial situation. Please consult your financial and/or tax advisor. GET PRE-APPROVED The loan's interest rate will depend upon the specific characteristics of the loan transaction and credit profile up to the time of closing.

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Photo of Nicolette Gilbert

Nicolette Gilbert REALTOR® - Sales Associate 619-755-8112 m
619-595-7020 o
Lic#: 02102274
NRDS ID: 196580428
NicolettePacho@bhhscal.com Text Me
Call My Cell
Call My Office
Lic#: 02102274
NRDS ID: 196580428
NicolettePacho@bhhscal.com
Rancho Bernardo Office
16969 Bernardo Center Drive, Suite 100
San Diego, CA 92128
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