408 N PICO

Fallbrook, CA 92028

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.

Listed by Lisa Stadille of RE/MAX Connections 7605352330



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Data last update at 2024