Description
Investor/Developer Opportunity " R3 Land Approved for 16-Unit Multi-Family Project in Rapidly Growing BanningSeize a rare opportunity to acquire a prime R3-zoned parcel in the fast-growing city of Banning, California. The site allows for the construction of a 16-unit apartment complex, perfectly positioned to capitalize on the citys strong rental demand and limited multi-family inventory.Bannings rental market has continued to strengthen, driven by population and job growth as well as proximity to major job centers in Beaumont, Palm Springs, and the Inland Empire. With Interstate 10 access minutes away, this parcel offers excellent commuter connectivity and long-term investment security.Pro Forma & Investor Highlights:Entitled for 16 units " conservative market rents projected at $2,000"$2,400 per unit/monthAnnual Gross Potential Income: $384,000"$422,400Estimated Expense Ratio: 20"30% ($76,800"$126,000 annually)Net Operating Income (NOI): $268,000"$346,000Cap Rate Valuation: At a conservative 6"8% cap rate, the completed project could be valued between $4.4M"$5.7MFlat, buildable parcel ideal for cost-efficient constructionExcellent location near schools, shopping, parks, and new retail developmentBanning remains one of Southern Californias most promising emerging markets, with a shortage of quality rental housing and steady population growth. Whether you build to hold for strong cash flow or sell upon stabilization, this property offers significant upside potential.Dont miss this rare development opportunity " pro forma numbers support strong returns with multiple exit strategies.
-
0BEDS
-
0.78ACRES
-
0BATHS
-
01/2 BATHS
School Ratings & Info
Description
Investor/Developer Opportunity " R3 Land Approved for 16-Unit Multi-Family Project in Rapidly Growing BanningSeize a rare opportunity to acquire a prime R3-zoned parcel in the fast-growing city of Banning, California. The site allows for the construction of a 16-unit apartment complex, perfectly positioned to capitalize on the citys strong rental demand and limited multi-family inventory.Bannings rental market has continued to strengthen, driven by population and job growth as well as proximity to major job centers in Beaumont, Palm Springs, and the Inland Empire. With Interstate 10 access minutes away, this parcel offers excellent commuter connectivity and long-term investment security.Pro Forma & Investor Highlights:Entitled for 16 units " conservative market rents projected at $2,000"$2,400 per unit/monthAnnual Gross Potential Income: $384,000"$422,400Estimated Expense Ratio: 20"30% ($76,800"$126,000 annually)Net Operating Income (NOI): $268,000"$346,000Cap Rate Valuation: At a conservative 6"8% cap rate, the completed project could be valued between $4.4M"$5.7MFlat, buildable parcel ideal for cost-efficient constructionExcellent location near schools, shopping, parks, and new retail developmentBanning remains one of Southern Californias most promising emerging markets, with a shortage of quality rental housing and steady population growth. Whether you build to hold for strong cash flow or sell upon stabilization, this property offers significant upside potential.Dont miss this rare development opportunity " pro forma numbers support strong returns with multiple exit strategies.
Based on information from California Regional Multiple Listing Service, Inc. as of 2025-11-12T00:27:13.577. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or SLO Real Estate Group | Keller Williams Realty Central Coast. Licensed in the State of California, USA.