640 W Nicolet
Banning, CA 92220
Listing broker / agent: H & M Realty Group · Mikaela Nguyen · 916-220-1391 · CRMLS
MLS # OC26007699 · Last checked Oct 20, 2026 16:25 UTC
About this property
Investor/Developer Opportunity – R3 Land in Opportunity Zone for 16-Unit Multi-Family Project in rapidly growing Banning. The site allows for the construction of a 16-unit apartment complex, perfectly positioned to capitalize on the city’s strong rental demand and limited multi-family inventory. Banning’s 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/month Annual Gross Potential Income: $384,000–$422,400 Estimated Expense Ratio: 20–30% ($76,800–$126,000 annually) Net Operating Income (NOI): $268,000–$346,000 Cap Rate Valuation: At a conservative 6–8% cap rate, the completed project could be valued between $4.4M–$5.7M Flat, buildable parcel ideal for cost-efficient construction Excellent location near schools, shopping, parks, and new retail development Banning remains one of Southern California’s 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. Don’t miss this rare development opportunity – pro forma numbers support strong returns with multiple exit strategies.
Property details
- MLS number
- OC26007699
- Status
- Active
- Type
- Land
- Lot size
- 0.78 acres
- County
- Riverside
More property detailsCollapse
Listing
- Days on market
- 267
Exterior & parking
- Lot features
- Eleven To Fifteen Units Acre
- Lot size source
- Assessor
- Property outlook
- None
Utilities & community
- Water
- See Remarks
- Community features
- Curbs, Gutters, Near National Forest
Fees & lease terms
- Association
- No
- Association fee
- $0.00
Nearby public schools
Nearby does not mean assigned. These are approximate straight-line distances from the property, not walking or driving routes. Confirm attendance boundaries, enrollment eligibility, grades and current school status directly with the district.
| School / district | Grades | Distance |
|---|---|---|
| Florida Street Discovery Center TK (school website, opens in a new tab) Banning Unified · Banning | K | 0.2 mi |
| Banning Independent Study (school website, opens in a new tab) Banning Unified · Banning | K–12 | 0.3 mi |
| Nicolet Middle (school website, opens in a new tab) Banning Unified · Banning | 6–8 | 0.4 mi |
| Hoffer Elementary (school website, opens in a new tab) Banning Unified · Banning | K–5 | 0.4 mi |
| Central Elementary (school website, opens in a new tab) Banning Unified · Banning | K–5 | 0.5 mi |
| Banning High (school website, opens in a new tab) Banning Unified · Banning | 9–12 | 0.9 mi |
| New Horizon High (school website, opens in a new tab) Banning Unified · Banning | 9–12 | 1.2 mi |
| Hemmerling Elementary (school website, opens in a new tab) Banning Unified · Banning | K–5 | 1.6 mi |
Source: California Department of Education · 2025-26 school locations. Downloaded Oct 2, 2026 UTC. This annual snapshot may not reflect later changes. Public schools only; not a complete list of education options. No ratings or attendance assignments are provided.
Check the California School Directory ↗Price and tax history
Asking price
- Current asking price
- $124,900
- MLS-reported original asking price
- $279,900
- MLS-reported previous asking price
- $149,900
- MLS-reported last price change
- 2026-10-13 17:05 UTC
| Observed (UTC) | Asking price |
|---|---|
| Oct 14, 2026 00:23 | $124,900 |
| Oct 2, 2026 18:52 | $149,900 |
| Oct 2, 2026 08:40 | $150,000 |
MLS values are reported for this listing, not prior sales. Observation dates show when our importer saw an asking price, not when the MLS changed it. Up to 24 observations are retained; changes between refreshes may be missed. This is not a complete price or sales history.
Property taxes
Tax history is not available from the imported listing data.
Source: MLS feed. Only supplied tax years are shown, up to 10 years; this is not a county tax archive. Amounts may be corrected and taxes may change after purchase. Verify assessments and current taxes with the county. These values do not automatically fill the payment calculator.
Market trends in Banning
Active residential homes for sale in Banning, CA, available through this website's authorized feed. Includes residential subtypes; excludes rentals. Not the entire market or a valuation of this property.
Observed price activity · past 30 days
30 currently active listings have an observed price-change pair ending in this period. A listing can appear in both counts.
Calculated 2026-10-20 17:45 UTC. Source: this website's authorized MLS inventory. Import progress, freshness rules and coverage affect the figures. Medians exclude missing/invalid values; price per sq ft is the median of individual listing ratios. Price observations are limited to the last 24 per listing and may miss changes between refreshes. This is not a complete 30-day market report, historical inventory trend, appreciation measure, or sold-price analysis.
Payment calculator
Explore a fixed-rate loan scenario. The price comes from this listing; a 20% down payment and 30-year term are starting assumptions, not requirements. Enter your own interest rate—not APR—and estimated costs.
Illustration only—not a rate quote, preapproval, lending offer or affordability determination. Assumes equal monthly payments on a fully amortizing fixed-rate loan; no adjustable rates, interest-only periods or balloon payments. Excludes closing costs, utilities, maintenance, special assessments and other unentered costs. Actual payments and escrow can differ. Review a Loan Estimate with your lender.
Understanding homeownership costs — CFPB ↗