Listing Broker: Eric D. Comer, Broker
Listing Agent: Eric Comer
License #: 00842230
858-369-3084
The offering presents an opportunity to acquire a 54- unit senior multifamily portfolio comprised of two adjacent properties, Kalmia Courtyard and De Luz Apartments, in Fallbrook, California. Properties must be purchased together. The portfolio offers predictable rent growth through rents tied to Area Median Income (AMI) rather than market rents. Constructed in 1988 and 1997, the properties also offer newer construction, potentially reducing maintenance and long-term capital expenditures. Due to the recorded Regulatory Agreement, the portfolio qualifies for Low-Income Housing property tax abatement. Seller to convey 501(c)3 nonprofit entity to assist buyer with structure. The adjacent properties can be operated separately or together, providing operational efficiencies while maintaining separate income streams and flexibility to sell the proper ties individually in the future. Located within walking distance of Downtown Fallbrook, residents benefit from convenient access to locally owned shops, restaurants, boutiques, galleries, and everyday services in a charming small-town setting. Included 2 properties and 4 parcels - 234 W Kalmia Street & 420 N. Pico Ave, Fallbrook, CA 92028. APN: 103-131-06, 07 & 08 and 103-131-01-00
| Listing Id: | 260022912SD |
|---|---|
| Property Type: | Commercial Sale |
| Status: | Active |
| Waterfront?: | No |
| Basement Yn: | No |
| Construction Materials: | Drywall, Frame, Stucco |
| Gross Scheduled Income: | $963,672 |
| Listing Contract Date: | 2026-09-18 |
| Net Operating Income: | $541,778 |
| State Or Province: | CA |
| Property Sub Type Additional: | MixedUse |
| Country Subdivision: | 06073 |
| Universal Parcel Id: | urn:reso:upi:2.0:US:06073:1031310100 |
| List Price: | $9,060,000 |
|---|---|
| Property Sub Type: | MixedUse |
| Association Fee: | $0 |
| City: | Fallbrook |
| County Or Parish: | San Diego |
| Postal Code: | 92028 |
| Number Of Units Total: | 54 |
| Cooling?: | Yes |
| Listing Agreement: | SellerReserved |
| MLS Area Major: | 92028 - Fallbrook |
| Number Of Buildings: | 3 |
| Operating Expense: | $415,036 |
| Original List Price: | $9,060,000 |
| Parcel Number: | 1031310100 |
| Postal City: | FALLBROOK |
| Current Price: | $9,060,000.00 |
| Record Signature: | -214,793,844 |
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Based on information from California Regional Multiple Listing Service, Inc. as of October 11, 2026. This information 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. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
California Regional Multiple Listing Service, Inc. data last updated on October 11, 2026 01:53 AM - PT
Property Last Updated: October 11, 2026 01:53 AM - PT
