Remodeled Two-Bed Apartment
For Sale
$3,475,000
725 Alturas Ln, Fallbrook, CA 92028
Thirteen remodeled 2 bed/2 bath units with stainless appliances, quartz countertops, and on-site laundry.
Property Size12,050 SF
Lot Size0.57 Acres
Days on Market48
Property Features for 725 Alturas Ln
General Information
Standard status
Active
Size
12,050 SF
Lot size
0.57 Acres
Property subtype
Multifamily
Occupancy
95%
Additional Details
Multifamily Units
13
Amenities
air conditioners
off-street parking
on-site laundry facilities
pet area
BBQ and shared patio area
Desirable 1988 vintage asset located in the Fallbrook submarket.
Comprised entirely of two-bedroom/two-bathroom units averaging over 927 SF.
Extensively remodeled interiors featuring high-end, modern finishes.
Abundant off-street parking for tenants.
Stabilized asset with in-place market rents.
Historically low vacancy driven by a supply-constrained rental market.
Building Details
Building Size
12,050 SF
Year Built
1988
Units
13
Tenancy
Multi
Listed By:
Chris Zorbas · License #License(s): CA: 01301418
(858) 373-3166
Source:
Marcusmillichap
Added: Jul 24
Changed: Sep 8
Last Checked: Sep 7 at 5:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Chris Zorbas
Investment Insights
Based on property information with market context.
Solara Apartments is a 13-unit multifamily community built in 1988. The property consists entirely of two-bedroom, two-bath residences, with each unit averaging approximately 927 square feet. Units have been extensively remodeled and include upgraded bathrooms, stainless steel appliances, and quartz kitchen countertops with black, grey, and white backsplash tile. Community amenities include air conditioners, off-street parking, on-site laundry, and a shared patio area with a BBQ, as well as a designated pet area.
The community is located at 725 Alturas Lane in Fallbrook, CA, on a 0.57-acre lot. Public remarks note convenient access to local retail, schools, and employment centers, along with regional connectivity to Oceanside, Temecula, and greater San Diego County.
With all units sharing the same 2 bed/2 bath configuration and recent interior upgrades, Solara Apartments presents a straightforward apartment building setup for investors seeking a residential income property.
The community is located at 725 Alturas Lane in Fallbrook, CA, on a 0.57-acre lot. Public remarks note convenient access to local retail, schools, and employment centers, along with regional connectivity to Oceanside, Temecula, and greater San Diego County.
With all units sharing the same 2 bed/2 bath configuration and recent interior upgrades, Solara Apartments presents a straightforward apartment building setup for investors seeking a residential income property.
Key Highlights
- 13‑unit multifamily property in Fallbrook, CA at 725 Alturas Lane
- Built in 1988; all units are 2 bed/2 bath and average about 927 SF each
- All units have been extensively remodeled with upgraded bathrooms, stainless steel appliances, and quartz kitchen countertops
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$200,217
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,004,340
$4.0M
Cap Rate 7%
$2,860,243
$2.9M
Cap Rate 9%
$2,224,633
$2.2M
Market Conditions
NOI Build-Up for 12,050 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$383.2K $31.80/SF
− Vacancy
−$19.2K −$1.59/SF
EGI
$364.0K $30.21/SF
− OpEx
−$163.8K −$13.59/SF
NOI
$200.2K $16.62/SF
Area
San Diego County, CA
Vacancy
5.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,004,340
Cap Rate 7%
$2,860,243
Cap Rate 9%
$2,224,633
Alternative Uses
Best Use
Apartment 5plus
$2.86M
$2.50M – $3.34M
NOI $200,217 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.52M
$4.83M – $6.44M
NOI $386,464 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,105
Businesses Nearby
Explore this area
Business Placement
Demographics for 92028, CA
51,614
Population
17,985
Households
2.9
Avg Household Size
41
Median Age
35%
College-Educated
87%
High-School Grad
116.7 sq mi
ZIP Area
442
Density / Sq Mi
$102,346
Median Household Income
$46,862
Median Earnings
$1,743
Median Rent
$781,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Thirteen remodeled 2 bed/2 bath units with stainless appliances, quartz countertops, and on-site laundry.
Where is this apartment building located?
The property is located at 725 Alturas Ln Fallbrook, CA.
What is the asking price?
The asking price for this property is $3,475,000.
What are key features of this property?
This property features: 13‑unit multifamily property in Fallbrook, CA at 725 Alturas Lane; Built in 1988; all units are 2 bed/2 bath and average about 927 SF each; All units have been extensively remodeled with upgraded bathrooms, stainless steel appliances, and quartz kitchen countertops
