Development opportunity with approved plans to build a 49 unit 5 story apartment building with 108 parking spaces. The gross building area is 101,687 SF, the net rentable area is 50,280 SF and the lot size is 69,000 SF. Unit breakdown: 12-1 Bedroom units and 37-2 bedroom units. Excellent Ontario location adjacent to a 75 unit apartment building located at 840 S Magnolia that was built in 2019 and is stabilized at rents similar to the projected rents for this project. Price of the land per unit is $85,714 and price of the land per SF of land is $61 and compares favorably with RTI land sale Comps.The completed projects stabilized value is estimated to be $26,500,000 which is $540,816 per unit and $527 per SF of NRA. The asking price for the land is $4,200,000, roughly 16% of the stabilized value, providing excellent upside to the Buyer/Developer.The property is currently improved with a single family residence that is rented to a tenant. However, the property is being marketed as land for development of a fully entitled 49 unit apartment building which will require demolition of the existing residence. The property will be delivered vacant at the Close of Escrow with permits Ready to Issue. Buyer will be responsible for demolition of the existing SFR after closing and the cost of the building permits. Site also includes APN# 1011-371-15-0000. Total site area is 69,000 SF.Buyer to cooperate with Seller's exchange at no expense to Buyer. Please submit Letters of Interest for consideration and to initiate negotiations.Do not disturb the tenant. Drive by only until a purchase contract has been negotiated.
Property Details
Property Features
Listing Office:
Office Name: Engel & Voelkers La Canada
Office Phone: (818) 421-9071
Listing Agent: Donald Hinton
Exterior Features
Exterior Information:
View: Mountain(s)
Lot Features
Lot Information:
Lot: Level
Lot Size: 1.58 Acres
Other
Directions Information:
Directions: South on S. Magnolia Ave. from W Mission Blvd.
Price Information
Listing Price Info
Price Summary:
List Price: $4,200,000
Tax Information:
Annual Amount: $5,112
Tax Year: 2021
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Housing Market Comparison
See how this home compares to others in Ontario, CA.
This property is $3.5M more than the Median Sold Price in Ontario, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #P1-13420
Listing Office:
Office Name: Engel & Voelkers La Canada
Office Phone: (818) 421-9071
Listing Agent: Donald Hinton
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) 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. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 11/17/2024, 10:21:08 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Listing History
DATE
EVENT
PRICE
Dec 24, 2007
Dec 24, 2007Home Sold
$600,000
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$5,112
$461,126
2020
$4,979
$456,398
2019
$4,910
$447,449
2018
$4,734
$438,676
2017
$4,547
$430,074
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
6
/10
Mission Elementary School
5555 Howard St
Distance between this listing and this school0.67 miles
Public District Grades KG-6
7
/10
Vista Grande Elementary School
1390 W Francis St
Distance between this listing and this school0.84 miles
Public District Grades KG-6
5
/10
Kingsley Elementary School
5625 Kingsley St
Distance between this listing and this school0.99 miles
Public District Grades KG-6
Nearby Schools
7
/10
Oaks Middle School
1221 S Oaks Ave
Distance between this listing and this school0.24 miles
Public District Grades 7-8
6
/10
De Anza Middle School
1450 S Sultana Ave
Distance between this listing and this school1.54 miles
Public District Grades 7-8
4
/10
Vernon Middle School
9775 Vernon Ave
Distance between this listing and this school1.66 miles
Public District Grades 7-8
Nearby Schools
6
/10
Ontario High School
901 W Francis St
Distance between this listing and this school1.08 miles
Public District Grades 9-12
7
/10
Montclair High School
4725 Benito St
Distance between this listing and this school2.09 miles
Public District Grades 9-12
5
/10
Chaffey High School
1245 N Euclid Ave
Distance between this listing and this school2.10 miles
The neighbors living near this home have an average income of $64,189. Typical income of Ontario, CA residents is between $35k-100k annually. Residents typically live in single, no kids family. The most common level of education of people living in this area is post secondary degree.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 890 S Magnolia Ave
What is the listing price of this property?
The listing price of 890 S Magnolia Ave property is $4,200,000.
What type of property is this?
The property 890 S Magnolia Ave is land located in Ontario, California, 91762.
Is this property for sale now?
Active Listing: 890 S Magnolia Ave is For Sale (Active/New) which means the seller is accepting offers.
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $5,112 (source: MLS/based on county public records data).
When was this property sold last time and for how much?
The last sale was on December 24, 2007 for $600,000. (source: MLS/tax record).
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This home is located at 890 S Magnolia Ave in Ontario, CA and zip code 91762. This home sits on a 1.58 acre lot. It has been listed on Rocket Homes since April 30, 2023 and is currently priced at $4,200,000.
Ontario, CA housing market in October 2024 saw over 41 listings sold above listed price, more than 22 sold at listed price and over 27 sold below. In October 2024 in Ontario, CA there were 2.9% more homes for sale than in September 2024. In October 2024 median list price was $655,083 and the average listing age was 30 days.
From Rocket Homes Real Estate and based on county public records data.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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