890 S Magnolia Avenue, Ontario, CA 91762
List Price: $2.65M
Listing Status: Active
0Days on Market: 0
0 Bedrooms · 0 Bathrooms
Property Type: Land
Lot Size: 69,000 sq ft
MLS Number: P1-28323
About This Property
Excellent development opportunity. The HDR-45 zoning allows development of 45 units per acre. The property is approximately 69,000 SF which would allow development of up to 71 apartments or condominiums. This is the last parcel(s) of high-density residential land on S. Magnolia and is adjacent to a 75-unit apartment building developed in 2019. Includes parcel #'s 1011-371-16-0000 and 1011-371-15-0000.The property has been entitled for 49 apartment units; however, a buyer may pursue new entitlements for 71 units. The property is currently improved with a 2-bedroom, 2 bath single family residence that was built in 1926. The property has been priced based upon land value and the single-family residence does not contribute value to the property. The single-family home is currently rented month to month for $2,300/mo. The excess land is currently rented month to month for $275/mo. to a nursery, and the nursery tenant maintains the excess land. Please submit all offers using the CAR Residential Purchase Agreement. Buyer to cooperate with Seller's exchange. Drive by Only, Do Not Disturb the tenants. Asking price is $2,650,000 which is $37,324/Unit based upon 71 units and $38.40/ SF.
Listing provided by: Donald Hinton DRE #00575959 (818) 790-6774 don.hinton@evrealestate.com, Engel & Voelkers La Canada
Source: CRMLS, MLS #: P1-28323
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.