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Renovated 5-Plex | 2.9% Market Vacancy 329 N Pico Ave 5 Unit Apartment Building $2,327,201 CAD ($465,440 CAD/Unit) 6.12% Cap Rate Fallbrook, CA 92028
Investment Highlights
- Extensively renovated - 4 of 5 units highly highly upgraded
- 2.9% vacancy in city of Fallbrook
- 2 garages + 8 additional off-street parking spaces
- 1 block from vibrant downtown Fallbrook Village
- North County San Diego
- Large 3BR/2.5BA TH 'Owner's Unit'
Executive Summary
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.
Property Facts
| Price | $2,327,201 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $465,440 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 6.12% | Building Size | 4,903 SF |
| Gross Rent Multiplier | 10.97 | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1974/2022 |
| Property Subtype | Apartment | Parking Ratio | 1.43/1,000 SF |
| Zoning | R3 - Residential | ||
| Price | $2,327,201 CAD |
| Price Per Unit | $465,440 CAD |
| Sale Type | Investment |
| Cap Rate | 6.12% |
| Gross Rent Multiplier | 10.97 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 4,903 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1974/2022 |
| Parking Ratio | 1.43/1,000 SF |
| Zoning | R3 - Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | 650 |
| 2+1 | 3 | - | 900 |
| 3+2.5 | 1 | - | 1,250 - 1,450 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 103-135-14 | Improvements Assessment | $877,179 CAD |
| Land Assessment | $816,082 CAD | Total Assessment | $1,693,261 CAD |
Property Taxes
Parcel Number
103-135-14
Land Assessment
$816,082 CAD
Improvements Assessment
$877,179 CAD
Total Assessment
$1,693,261 CAD
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Renovated 5-Plex | 2.9% Market Vacancy | 329 N Pico Ave
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