890 South Magnolia Avenue

Ontario, CA 91762

$4,200,000
Price
69,000 / 1.58
Lot Size / Acres
a city street lined with buildings and cars
a front view of a building

Description

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...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.
  1. Listed by Donald E Hinton • DRE #00575959 • Engel & Voelkers La Canada

Property Details for 890 South Magnolia Avenue

Subdivision Name
Other
View
Mountain(s)
LISTING UPDATED: 09/02/2024 10:45 PM

Property Details for 890 South Magnolia Avenue

StatusActive
MLS #P1-13420
Days on Market573
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeLand
MLS TypeLand Lot
Year Built-
Lot Size1.58 AC
CountySan Bernardino County

Building Information for 890 South Magnolia Avenue

Lot Size1.58 AC

Property Information for 890 South Magnolia Avenue

Summary
Location and General Information
  • Community Features: Urban
  • City: Ontario
  • Country: US
  • Directions: South on S. Magnolia Ave. from W Mission Blvd.
  • Area: 686 - Ontario
  • Unparsed Address: 890 South Magnolia Avenue, Ontario, CA 91762
Taxes and HOA Information
  • Association Fee: $.00
  • Tax Other Annual Assessment Amount: $.00
Virtual Tour
  • Videos Count: 0
Property
Lot Information
  • Lot Features: Sprinklers, Level
  • Lot Size Acres: 1.58
  • Lot Size Square Feet: 69,000.00
  • Lot Size Area: 69,000.00
  • Lot Size Units: Square Feet
  • Parcel Number: 1011371160000
  • Zoning: HDR-45
  • Property Type: Land
Property and Assessments
  • Documents Count: 0
  • Senior Community: No
Utilities
  • Utilities: Electricity Connected, Water Connected, Sewer Connected, Phone Connected, Natural Gas Available
  • Water Source: See Remarks
Interior and Exterior Features
Interior Features
  • Total Bathrooms: 0
  • View: Yes
Multi Family
Multi-Family Information
  • Special Listing Conditions: Standard
Agent
Sale and Listing
  • Inclusions: Plans expected to be approved by the City of Ontario for development of the proposed 49 unit apartment project in June 2024

Property History for 890 South Magnolia Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 890 South Magnolia Avenue

Taxable ValueLand$293,611Additions$195,740Total$489,351
Tax Record2024$5,363 ($447 / month)
Home Facts
Beds2Total Finished SqFt1,591 SqFtAbove Grade Finished SqFt1,591 SqFtStories1Lot Size37,800 SqFtStyleSingle Family ResidenceYear Built1926Year Renovated1930CountySAN BERNARDINOAPN1011-371-16-0000Fireplace TypeHas Fireplace

Schools near 890 South Magnolia Avenue

This home is within Chaffey Joint Union High School District.
Rating
School
Type
Grades
Distance
Mission Elementary School
Public - K to 6
Oaks Middle School
Public - 7 to 8
Ontario High School
Public - 9 to 12
Buena Vista Arts-Integrated School
Public - K to 6
Rating
School
Distance
Mission Elementary School
PublicK to 6

Oaks Middle School
Public7 to 8

Ontario High School
Public9 to 12

Buena Vista Arts-Integrated School
PublicK to 6

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 890 South Magnolia Avenue, Ontario, CA 91762

890 South Magnolia Avenue is a 1.58 ac of land for sale in Ontario, CA 91762. This property was listed for sale on April 30, 2023 by Engel & Voelkers La Canada, it's currently listed at $4,200,000. It has been on the market for a total of 573 days and was last sold on December 24, 2007. This listing's school districts are Chaffey Joint Union High School District, Ontario-Montclair School District. Nearby schools include Mission Elementary School, Oaks Middle School and Ontario High School. 890 South Magnolia Avenue is a 0-bed, 0-bath, 1.58 ac of land on a 69,000 sq. ft. / 1.58 acres lot.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Engel & Voelkers La Canada, Donald E Hinton, DRE #00575959

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.