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    Mixed-Use Corner Duplex and Office Title is generated by Realmo AI

    408 N Pico ave, Fallbrook, CA 92028

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    For Sale
    $1,075,000

    Corner property combines a residential duplex and commercial office under mixed-use zoning for flexible owner or tenant use.

    Type:Commercial
    Property size:
    10,653 SF
    Price / SF:
    $100/SF
    Added:
    Jun 3, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 5:10 am

    Property Features for 408 N Pico ave

    General Information

    Standard status
    Active
    Size
    10,653 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1953

    We can help!

    Listing Contact
    Deanne Estrada

    Listing agent Deanne Estrada

    Listing office

    Listing date Jun 3, 2026

    Source Elliman

    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 Deanne Estrada

    HighLights

    • Signalized hard‑corner property offering a residential duplex plus a commercial office building in one corner site.
    • Zoned FB‑V2 mixed‑use, allowing both commercial and residential development.
    • Three contiguous lots totaling 10,653 sq ft—an expanded site for owner or developer use.
    • Residential duplex and commercial office building on‑site.
    • Year built: 1953.
    • Walk Score 82 (very walkable); Bike Score 40 (somewhat bikeable).

    Overview

    This for-sale mixed-use corner property includes a residential duplex and a commercial office building, providing two income-generating components on-site. Interiors are described as clean, and the property is presented with dependable tenants. The offering also includes three contiguous lots totaling 10,653 square feet.

    Located at 408 N Pico Ave in Fallbrook, the site sits on a signalized hard corner, with frontage intended to support strong visibility. The property is zoned FB-V2-a, a mixed-use designation allowing both commercial and residential development.

    For an owner-occupant, the current configuration can support living and working on the same site while retaining a commercial office component. For investors or developers, the mixed-use zoning and multi-lot layout provide a redevelopment framework while still offering an income-producing base today. Buyers should review redevelopment strategy and tenant arrangements as part of underwriting, given the property’s stated redevelopment potential and current operating setup.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fallbrook
    County
    San Diego
    State
    California
    Longitude
    -117.2527121
    Latitude
    33.3849555

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    FAQs

    What type of property is this?
    Duplex - Corner property combines a residential duplex and commercial office under mixed-use zoning for flexible owner or tenant use.
    Where is this duplex located?
    The property is located at 408 N Pico ave Fallbrook, CA.
    What is the asking price?
    The asking price for this property is $1,075,000.
    What are key features of this property?
    This property features: Signalized hard‑corner property offering a residential duplex plus a commercial office building in one corner site.; Zoned FB‑V2 mixed‑use, allowing both commercial and residential development.; Three contiguous lots totaling 10,653 sq ft—an expanded site for owner or developer use.
    (949) 570-8981
    We can help!
    Listing Contact
    Deanne Estrada
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    408 N Pico ave, Fallbrook, CA 92028
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