#HD24214492, Aaron Drobnick, Listing Office: Keller Williams High Desert

890 S Magnolia Ave Ontario, CA 91762
Property details
About 890 S Magnolia Ave
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.
Highlights
Summary
- MLS Number: P1-13420
- MLS Name: CRMLS
- 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: 3/15/2025, 10:20:52 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Get an agent. Get a mortgage. Save big.¹

$4,200,000
890 S Magnolia Ave
Sell your home with Rocket and save even more!
Seller rebate
0.5% sale price²
Price information
Property sales
Date | Event | Price |
---|---|---|
Dec 24, 2007 | Home Sold | $600,000 |
Tax history
Year | Assessment | Property Tax |
---|---|---|
2024 | $489,351 | $5,212 |
2023 | $479,756 | $5,212 |
2022 | $470,349 | $5,143 |
2021 | $461,126 | $5,111 |
2020 | $456,398 | $4,979 |
History based on county public records data.
Nearby schools
6
Mission Elementary School
Public District KG-6
0.7 mi
•5555 Howard St
7
Vista Grande Elementary School
Public District KG-6
0.8 mi
•1390 W Francis St
5
Kingsley Elementary School
Public District KG-6
1.0 mi
•5625 Kingsley St
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $64,189. The most common annual income of people living in Ontario, CA is between $35k-100k. Most families are single, no kids. The most common level of education of people living in this area is post secondary degree.
Similar homes for sale
Frequently asked questions
About 890 S Magnolia Ave
This home is located at 890 S Magnolia Ave in Ontario, CA and zip code 91762. Features: 0 bathroom. It has been listed on Rocket Homes since April 30, 2023 and is currently priced at $4,200,000.
Ontario, CA housing market in February 2025 saw over 32 listings sold above listed price, more than 7 sold at listed price and over 26 sold below. The inventory of homes for sale in Ontario, CA between January and February 2025 increased by 4.7%. In February 2025 median list price was $670,666 and the average listing age was 46 days.