54-Unit Senior Apartment
New
For Sale
$9,060,000
234 W Kalmia, Fallbrook, CA 92028
Two adjacent properties provide separate income streams with the option for coordinated operations.
Property SizeContact for details
Days on Market3
Property Features for 234 W Kalmia
General Information
Standard status
Active
Property subtype
Commercial
Additional Details
Multifamily Units
54
Building Details
Units
54
Listing Agency:
Eric D. Comer, Broker
Listed By:
Eric Comer · License #00842230
(858) 369-3084
Source:
Elliman
Added: Sep 19
Last Checked: Sep 21 at 5:53AM
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 Eric D. Comer, Broker
Investment Insights
Based on property information with market context.
This 54-unit senior apartment portfolio includes Kalmia Courtyard and De Luz Apartments, two adjacent properties that are being offered together. The buildings were constructed in 1988 and 1997 and contain separate income streams, with the option to operate the properties independently or as a combined portfolio. Rents are tied to Area Median Income (AMI), and a recorded Regulatory Agreement qualifies the properties for Low-Income Housing property tax abatement.
The portfolio includes four parcels at 234 W Kalmia Street and 420 N. Pico Ave in Fallbrook, California. The properties are within walking distance of Downtown Fallbrook, with nearby locally owned shops, restaurants, boutiques, galleries, and everyday services. Walk Score is 81, described as Very Walkable, while BikeScore is 36, described as Somewhat Bikeable. The seller will convey a 501(c)3 nonprofit entity to assist with buyer structuring.
The portfolio includes four parcels at 234 W Kalmia Street and 420 N. Pico Ave in Fallbrook, California. The properties are within walking distance of Downtown Fallbrook, with nearby locally owned shops, restaurants, boutiques, galleries, and everyday services. Walk Score is 81, described as Very Walkable, while BikeScore is 36, described as Somewhat Bikeable. The seller will convey a 501(c)3 nonprofit entity to assist with buyer structuring.
Key Highlights
- 54‑unit senior multifamily portfolio across two adjacent properties
- Kalmia Courtyard and De Luz Apartments offered together
- Rents tied to Area Median Income (AMI)
Property Analytics
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Current Use
Lease Details
54
Residential units
Location Intelligence
Trade Area within ½ mile
991
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent properties provide separate income streams with the option for coordinated operations.
Where is this apartment building located?
The property is located at 234 W Kalmia Fallbrook, CA.
What is the asking price?
The asking price for this property is $9,060,000.
What are key features of this property?
This property features: 54‑unit senior multifamily portfolio across two adjacent properties; Kalmia Courtyard and De Luz Apartments offered together; Rents tied to Area Median Income (AMI)
