Homes for sale - 890 S Magnolia AVE, Ontario, CA 91762

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JLee Broker

[email protected] +1(650) 857-1000

Listed by Donald Hinton • Engel & Voelkers La Canada

$4,200,000

Est. payment - /mo

1.58 Acres Lot

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Key Details

Property Type Vacant Land

Sub Type Other Residential Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID CRP1-13420

Lot Size 1.584 Acres

Property Sub-Type Other Residential Land

Source California Regional MLS

Property Description

Development opportunity 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. Project could be redesigned to build up to 71 units on the site.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 49 unit apartment building which will require demolition of the existing residence. The property will be delivered vacant at the Close of Escrow. Buyer will be responsible for demolition of the existing SFR after closing and the cost of further plan processing and 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.

Location

State CA

County San Bernardino

Area 686 - Ontario

Zoning LL

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Utilities Available Other

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Lot Description Grade - Level

Water Other

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Tax ID 1011371160000

Special Listing Condition Not Applicable

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JLee Broker

+1(650) 857-1000

Broker | License ID: 00851314

Broker License ID: 00851314

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890 S Magnolia AVE Ontario, CA 91762

JLee Broker

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