640 W Nicolet St Banning, CA 92220
Banning AreaEstimated payment $983/month
Highlights
- 0.78 Acre Lot
- Near a National Forest
- No HOA
About This Lot
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.
Listing Agent
H & M Realty Group Brokerage Phone: 916-220-1391 License #02117027 Listed on: 01/19/2026
Property Details
Property Type
- Land
Lot Details
- 33,977 Sq Ft Lot
- Density is 11-15 Units/Acre
- Property is zoned R3
Listing and Financial Details
- Legal Lot and Block 162 / 162
- Assessor Parcel Number 541110007
- $61 per year additional tax assessments
- Seller Considering Concessions
Community Details
Overview
- No Home Owners Association
- Near a National Forest
Recreation
- Rain Gutters
Map
Home Values in the Area
Average Home Value in this Area
Tax History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2026 | $1,855 | $132,816 | $24,147 | $108,669 |
| 2025 | $1,816 | $130,213 | $23,674 | $106,539 |
| 2023 | $1,816 | $125,157 | $22,755 | $102,402 |
| 2022 | $1,778 | $122,704 | $22,309 | $100,395 |
| 2021 | $1,745 | $120,299 | $21,872 | $98,427 |
| 2020 | $1,728 | $119,066 | $21,648 | $97,418 |
| 2019 | $1,701 | $116,732 | $21,224 | $95,508 |
| 2018 | $1,690 | $114,444 | $20,808 | $93,636 |
| 2017 | $1,662 | $112,200 | $20,400 | $91,800 |
| 2016 | $1,582 | $110,000 | $20,000 | $90,000 |
| 2015 | $924 | $69,638 | $26,781 | $42,857 |
| 2014 | $916 | $68,275 | $26,257 | $42,018 |
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 07/08/2026 07/08/26 | Price Changed | $150,000 | -25.0% | -- |
| 06/04/2026 06/04/26 | Price Changed | $199,900 | -11.1% | -- |
| 03/07/2026 03/07/26 | Price Changed | $224,900 | -19.6% | -- |
| 01/19/2026 01/19/26 | For Sale | $279,900 | -- | -- |
Purchase History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Quit Claim Deed | -- | None Available | |
| Interfamily Deed Transfer | -- | Wfg National Title Company | |
| Grant Deed | $96,500 | Wfg National Title Company | |
| Grant Deed | $65,000 | Chicago Title Company | |
| Trustee Deed | $151,078 | None Available | |
| Grant Deed | -- | Fidelity National Title Co | |
| Grant Deed | $259,000 | Fidelity National Title Co | |
| Grant Deed | $205,000 | First American Title Company | |
| Interfamily Deed Transfer | -- | First American Title Company | |
| Interfamily Deed Transfer | -- | First American Title Ins Co | |
| Grant Deed | $14,000 | Stewart Title | |
| Interfamily Deed Transfer | -- | Stewart Title | |
| Trustee Deed | $15,000 | Stewart Title |
Mortgage History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $115,445 | New Conventional | |
| Previous Owner | $93,279 | FHA | |
| Previous Owner | $52,000 | Purchase Money Mortgage | |
| Previous Owner | $51,000 | Stand Alone Second | |
| Previous Owner | $204,000 | Purchase Money Mortgage | |
| Previous Owner | $205,000 | Purchase Money Mortgage | |
| Previous Owner | $98,000 | Unknown | |
| Previous Owner | $50,400 | Unknown |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC26007699
APN: 540-141-015
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The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
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. Properties may or may not be listed by the office/agent presenting the information
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