408 North Pico Avenue

Fallbrook, CA 92028

$1,225,000
Price
1
Beds
1,440 Sq. Ft.
$851 / Sq. Ft.
1,440
Sq. Ft.
$851
per Sq. Ft.

Description

Investment Opportunity in Fallbrook! Just reduced again...total of $150K! Corner property with 3 lots together and is zoned both Commercial and Residential Inc. The total of contiguous lots combined is 10,653 sq feet/ .34 acre approx. Use of this property could be repositioned to suit new owners needs within county guidelines. The property has been used for a successful car sales business and zoning may indicate additional apartments may be added. One structure is a vacant office building with hard-wired...Investment Opportunity in Fallbrook! Just reduced again...total of $150K! Corner property with 3 lots together and is zoned both Commercial and Residential Inc. The total of contiguous lots combined is 10,653 sq feet/ .34 acre approx. Use of this property could be repositioned to suit new owners needs within county guidelines. The property has been used for a successful car sales business and zoning may indicate additional apartments may be added. One structure is a vacant office building with hard-wired sprinkler system and security cameras, plus bathroom, and is approx 640 sq feet- half of this office building is just recently being advertised as also available to rent for $1,900 per month ( or with a few cost effective basic improvements, the entire office building may be rented for approx $3500 per month ) which, if rented, would could potentially increase the cap rate/ yearly income to over $69k! Previously was a successful used car lot! The second building is a duplex that is currently rented month-to-month to long-standing tenants with a great paying history. Each duplex unit is approx 400 sq ft. One is rented for $1,250 per month and one is rented for $1,028.50 per month. Agt opinion-rents are LOW. This asset has high street visibility at the North end of town within walking distance to the heart of Fallbrook's Village, theatre, restaurants, shops, and may be suitable to a cash buyer, cash to new loan or a 1031 exchange property. Expenses are not shown in MLS, but will be shown to serious buyers only. All above remark info is per seller- buyer to verify.
  1. Listed by Lisa Stadille • DRE #01021501 • Brokerage DRE #02073643 • RE/MAX Connections • lisastadille@aol.com

Property Details for 408 North Pico Avenue

Parking Spaces Total
0
Private Pool
No
Total Units
2.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
1440
Assessor Parcel Number
103-131-02-00
Property Attached YN
true
LISTING UPDATED: 12/10/2024 10:20 AM

Property Details for 408 North Pico Avenue

StatusActive
MLS #NDP2410488
Days on Market10
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1953
Lot Size0.34 AC / 14,810 SF
CountySan Diego County

Building Information for 408 North Pico Avenue

Stories2Residences-Year Built1953Building Size-Lot Size0.34 AC / 14,810 SF

Property Information for 408 North Pico Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $27,342
  • Gross Scheduled Income: $27,342
  • Net Operating Income: $27,342
  • Cap Rate: 2.27
Expense Details
  • Operating Expense: $0
  • New Taxes Expense: $0
  • Fuel Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $0
  • Other Expense Description: W/ OFFER
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Total Expenses: $0
Tax / Assessment Info
  • Tax Tract Number: 0
  • CFD/Mello-Roos Fee: $0
  • Tax Lot: 0
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Unknown
  • Community Features: Curbs, Rural, Sidewalks, Street Lights
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Outside
Exterior Features
  • Entry Location: FRONT
  • Fence: No
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Additional Parcels Description: 103-131-03-00 AND 103-131-04-00
  • Lot Features: Corner Lot, Paved, Ranch
  • Lot Location: Rural, Corner Lot
  • Additional Property Use: Ranch/Farm
  • Number Of Units: 2
  • Land Lease: No
  • Land Lease Type: Fee
Parking Info
  • Garage Spaces: 0
  • Parking: No
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,029
  • Unit Type Total Rent: $1,029
  • Unit Type Pro Forma: 0
  • Unit Type Type: 1
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 1
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1

Property History for 408 North Pico Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 408 North Pico Avenue

This home is within Fallbrook Union High School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 7 to 8
Public - 9 to 12
Public - K to 6
Rating
School
Distance
William H. Frazier Elementary School
PublicK to 6

James E. Potter Intermediate School
Public7 to 8

Fallbrook High School
Public9 to 12

Maie Ellis Elementary
PublicK to 6

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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408 North Pico Avenue is a multi-family home for sale in Fallbrook, CA 92028. This property was listed for sale on December 10, 2024 by RE/MAX Connections, it's currently listed at $1,225,000. It has been on the market for a total of 10 days and was last sold on June 27, 2014. This listing's school districts are Fallbrook Union High School District, Fallbrook Union Elementary School District. Nearby schools include William H. Frazier Elementary School, James E. Potter Intermediate School and Fallbrook High School. 408 North Pico Avenue is a 1-bed, 0-bath, 1,440 sqft multi-family home built in 1953.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of RE/MAX Connections, Lisa Stadille, DRE #01021501

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