890 S Magnolia AVE, Ontario, CA 91762
890 S Magnolia AVE, Ontario, CA 91762
890 S Magnolia AVE, Ontario, CA 91762
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Eric & Janelle Boyenga

Eric & Janelle Boyenga

+1(408) 373-1660
Listed by Donald Hinton, DRE #00575959 • Engel & Voelkers La Canada
$2,650,000
Est. payment /mo
1.58 Acres Lot
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UPDATED:

Key Details

Property Type Vacant Land

Sub Type Other Residential Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID CRP1-28323

Lot Size 1.584 Acres

Property Sub-Type Other Residential Land

Source California Regional MLS

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

Area 686 - Ontario

Zoning LL

Exterior

Utilities Available Other

View Hills

Building

Lot Description Grade - Level

Water District - Public

Others

Tax ID 1011371160000

Special Listing Condition Not Applicable

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Eric & Janelle Boyenga

Eric & Janelle Boyenga

+1(408) 373-1660

Agent DRE01254724 / 01254725

Agent DRE01254724 / 01254725

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