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.
Beautifully renovated duplex situated on a spacious lot in the desirable Rainbow/Fallbrook community, offering an exceptional opportunity for investors, owner-occupants, or multigenerational living. Both residences have undergone extensive renovations with thoughtful updates throughout, creating a clean, modern, turnkey property that reflects exceptional pride of ownership. Improvements include new flooring, windows, upgraded kitchens with modern countertops and custom islands, remodeled bathrooms, updated fixtures, sinks, faucets, tile work, recessed lighting, Wi-Fi-enabled mini-split heating and cooling systems, smart-home features, landscaping, fencing, and independent updated electrical panels for each residence. Each unit offers comfortable and functional living spaces with modern finishes throughout. The expansive lot has been improved and graded, providing generous outdoor space and exciting possibilities for future expansion. The property may offer potential for adding an ADU and Junior ADU, creating an opportunity for additional living space, multigenerational use, or future rental income. Additional possibilities may include ranch or equestrian use, hobby farming, or other improvements. All future development and uses are subject to applicable County requirements, zoning, permits, and buyer verification. Conveniently located just minutes from Interstate 15, the property offers the privacy and space of country living while maintaining easy access to Fallbrook, Temecula, and surrounding North County communities. A rare opportunity to own a beautifully remodeled, income-producing two-home property offering modern amenities, usable land, flexibility, and exciting future potential. Live in one and rent the other, create a multigenerational compound, explore the potential for an ADU and JR ADU, or add this unique property to your investment portfolio.
**Three (3) Detached Cottage Style Homes on One Lot** Great Location in One of San Diego’s Strongest Rental Markets • Two (2) Detached 2Bdrm/1Bthrm Houses + One (1) Detached Studio • All Units Have Private Yards, In-Unit Laundry, & Off-Street Parking • Well-Maintained / High Income Property • Separately Metered for SDGE & Submetered for Water • Walking Distance to Downtown Fallbrook • Nearby Ammunition Rd w/ Direct Access to Camp Pendleton
**Three (3) Detached Cottage Style Homes on One Lot** Great Location in One of San Diego’s Strongest Rental Markets • Two (2) Detached 2Bdrm/1Bthrm Houses + One (1) Detached Studio • All Units Have Private Yards, In-Unit Laundry, & Off-Street Parking • Well-Maintained / High Income Property • Separately Metered for SDGE & Submetered for Water • Walking Distance to Downtown Fallbrook • Nearby Ammunition Rd w/ Direct Access to Camp Pendleton
PRICE REDUCTION! Highly renovated 5-Plex right next to vibrant downtown Fallbrook, CA (North County San Diego). 4 of 5 units have been substantially renovated, along with the exterior of the property. Units are all rented at artificially low rents, giving a new owner an opportunity to increase rents with ease. Fallbrook has one of the lowest vacancy rates in all of San Diego County (2.9% - Costar). The property has an ideal unit mix of: 1 large 3BR/2.5BA TH (potential owner's unit), 3 - large 2BR/1BA's & 1 - 1BR/1BA. 8 off-street parking spaces & 2 garages. (10 total bedrooms and 6.5 bathrooms)
Fallbrook is located in California. Fallbrook, California has a population of 32,999. Fallbrook is less family-centric than the surrounding county with 29.99% of the households containing married families with children. The county average for households married with children is 33.76%.
The median household income in Fallbrook, California is $73,165. The median household income for the surrounding county is $88,240 compared to the national median of $69,021. The median age of people living in Fallbrook is 34.5 years.
The average high temperature in July is 84.4 degrees, with an average low temperature in January of 45.1 degrees. The average rainfall is approximately 13.9 inches per year, with 0 inches of snow per year.
