Renovated Mixed-Use
For Sale
$1,500,000
838 East Mission Road, Fallbrook, CA 92028
Renovated mixed-use property with a barn, tap house, retail space, and outdoor gathering areas.
Property Size3,614 SF
Price / SF$415.05
Days on Market882
Property Features for 838 East Mission Road
General Information
Standard status
Active
Size
3,614 SF
Total Parking Spaces
15
Property subtype
Commercial Sale / Mixed Use
Zoning
FB-V3
Amenities
back patio
courtyard
sandbox
concrete patio
covered wooden deck
Building Details
Year Built
1984
Buildings
2
Listing Agency:
Ice Realty Group
(949) 287-1639
Listed By:
Brittany Cantarini · License #02090400
(949) 287-1639
Source:
Compass
Added: Apr 2, 2024
Changed: Aug 30
Last Checked: Aug 30 at 1:31PM
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 Ice Realty Group
Investment Insights
Based on property information with market context.
This mixed-use property includes a nearly 3100-square-foot barn with vaulted ceilings, a loft, wooden beams, built-in cabinetry, desk space, and double barn doors on both sides. An attached renovated area expands the building, while a separate tap house structure includes two ADA-compliant bathrooms and retail space. Outdoor features include a covered deck with awning, back patio, landscaped courtyard, sandbox, and concrete patio.
The property is located at 838 East Mission Road in Fallbrook and is zoned FB-V3. A freshly paved parking lot accommodates up to 15 cars, including two ADA parking spaces. The site is fully fenced and gated, with electrical upgrades, a new electrical panel, updated insulation and drywall, renovated barn doors, irrigation, sprinklers, and perimeter landscaping. The property was built in 1984 and has a stated property size of 3614.
The property is located at 838 East Mission Road in Fallbrook and is zoned FB-V3. A freshly paved parking lot accommodates up to 15 cars, including two ADA parking spaces. The site is fully fenced and gated, with electrical upgrades, a new electrical panel, updated insulation and drywall, renovated barn doors, irrigation, sprinklers, and perimeter landscaping. The property was built in 1984 and has a stated property size of 3614.
Key Highlights
- Nearly 3100 sq ft barn with vaulted ceilings, loft, wooden beams, cabinetry, and double barn doors
- Separate tap house structure with two ADA‑compliant bathrooms and retail space
- Freshly paved parking lot accommodates up to 15 cars, including two ADA parking spaces
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
$94,444
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
6.30%
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%
$1,888,880
$1.9M
Cap Rate 7%
$1,349,200
$1.3M
Cap Rate 9%
$1,049,378
$1.0M
Market Conditions
NOI Build-Up for 3,614 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
$131.4K $36.36/SF
− Vacancy
−$5.5K −$1.52/SF
EGI
$125.9K $34.84/SF
− OpEx
−$31.5K −$8.71/SF
NOI
$94.4K $26.13/SF
Area
San Diego County, CA
Vacancy
4.17%
Lease Rate
$36.36 /SF/Yr
Expense Ratio
25.00%
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%
$1,888,880
Cap Rate 7%
$1,349,200
Cap Rate 9%
$1,049,378
Alternative Uses
Best Use
Specialty Retail
$1.35M
$1.18M – $1.57M
NOI $94,444 @ 7.0% cap · market cap 6.30%
Second Best
Mixed Use
$1.11M
$975.6K – $1.30M
NOI $78,049 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$1.66M
$1.45M – $1.93M
NOI $115,907 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,200
Businesses Nearby
33k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 90%
Dining 10%
Shell
Shops & Services
13,542 visits/mo
0.1 miles
Soapy Joe's Car Wash
Shops & Services
10,185 visits/mo
0.2 miles
Circle K
Shops & Services
4,612 visits/mo
0.2 miles
El Toro
Dining
3,435 visits/mo
0.4 miles
Napa Auto Parts
Shops & Services
1,524 visits/mo
0.1 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use property with a barn, tap house, retail space, and outdoor gathering areas.
Where is this mixed-use property located?
The property is located at 838 East Mission Road Fallbrook, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Nearly 3100 sq ft barn with vaulted ceilings, loft, wooden beams, cabinetry, and double barn doors; Separate tap house structure with two ADA‑compliant bathrooms and retail space; Freshly paved parking lot accommodates up to 15 cars, including two ADA parking spaces
