$4,200,000

Development opportunity 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. Project could be redesigned to build up to 71 units on the site.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 49 unit apartment building which will require demolition of the existing residence. The property will be delivered vacant at the Close of Escrow. Buyer will be responsible for demolition of the existing SFR after closing and the cost of further plan processing and 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.