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Patricia Beattie

patricia@brivio.com +1(415) 286-8292

$2,650,000

Est. payment - /mo

1.58 Acres Lot

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Key Details

Property Type Vacant Land

Sub Type Lots/Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID P1-28323

Lot Size 1.584 Acres

Property Sub-Type Lots/Land

Property Description

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.

Location

State CA

County San Bernardino

Direction South of W Mission Blvd.

Interior

Fireplace No

Exterior

Utilities Available Electric, Natural Gas, Telephone

View Y/N No

Others

Senior Community No

Tax ID 1011371160000

Acceptable Financing Exchange

Listing Terms Exchange

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Listed by Donald Hinton, DRE#00575959 Engel & Voelkers La Canada

Nearby School & Business

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Patricia Beattie

+1(415) 286-8292

Broker | License ID: 01405369

Broker License ID: 01405369

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890 S Magnolia Ontario, CA 91762

Patricia Beattie

Key Details

Location

Interior

Exterior

Others

Nearby School & Business

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