Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    331 Main Ave Fallbrook, CA 92028-2939
    Back to Search
    Property profile & analytics

    331 Main Ave, Fallbrook, CA 92028-2939

    View on Map
    • Apartment buildings
    • 2,582 SF
    • 0.20 lot acres
    Off-Market
    Last Sale Nov 21, 2024
    $1,500,000
    Property ID
    US09-7882469
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $1,500,000
    Show details
    Cap Rate Potential
    2.9%
    Apartment buildings
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 331 Main Ave

    Year built
    2020
    Lot size
    0.20 lot acres
    Zone code
    COMMERCIAL
    Property type
    Apartment buildings
    APN
    104-052-14-00
    APU
    1040521400

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 19, 2025 — Theodore E Bates — Deed · related $550k · Axos Bank
    Nov 21, 2024 $1,500,000 Theodore E Bates 331 S Main St LLC Grant Deed $600k · Lone Oak Fund LLC
    Apr 7, 2023 $875,000 331 S Main St LLC 331 S Main LLC Grant Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,500,000
      ML approach
      $1,500,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,264,000
      Market price range: $399k - $1.26M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,325,000
      MEDICAL BUILDING
      $1,225,000
      AUTO REPAIR, GARAGE
      $985,000
      OFFICE BUILDING
      $930,000

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Fallbrook
    County
    San Diego
    State
    California
    Longitude
    -117.252
    Latitude
    33.3797
    CBSA code
    41740
    CBSA name
    SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $9,587
    $408,000
    $484,500
    $892,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $3,430,000
      20,426 SF

      745 Alturas Ln

      APARTMENT HOUSE (5+ UNITS)
      745 Alturas Ln, Fallbrook, CA 92028-3175
      View Details
    • Value Estimation
      $3,185,000
      17,648 SF

      713 Alturas Ln

      APARTMENT HOUSE (5+ UNITS)
      713 Alturas Ln, Fallbrook, CA 92028-3154
      View Details
    • Value Estimation
      $710,000
      3,078 SF

      318 Fallbrook St

      APARTMENT HOUSE (5+ UNITS)
      318 Fallbrook St, Fallbrook, CA 92028-3363
      View Details
    • Value Estimation
      $895,000
      4,788 SF

      420 Pico Ave

      APARTMENT HOUSE (5+ UNITS)
      420 Pico Ave, Fallbrook, CA 92028-1964
      View Details
    • Value Estimation
      $1,155,000
      5,151 SF

      1214 Alturas Rd

      APARTMENT HOUSE (5+ UNITS)
      1214 Alturas Rd, Fallbrook, CA 92028-3903
      View Details
    • Value Estimation
      $8,565,000
      59,850 SF

      1420 Alturas Rd

      APARTMENT HOUSE (5+ UNITS)
      1420 Alturas Rd, Fallbrook, CA 92028-3907
      View Details

    Similar Nearby for Sale

    • $1,150,000

      Three Detached Homes on One Lot

      Three detached cottage-style homes in Fallbrook's strong rental market.
      537 De Luz Rd, Fallbrook, CA 92028
      View Details
    • $699,000
      1,920 SF

      Fallbrook Duplex with Income Potential

      Quaint duplex in Fallbrook's Rainbow community with immediate rental income.
      2005 Camino Rainbow 07, Fallbrook, CA 92028
      View Details
    • $2,000,000
      243,065.00 Acres

      Fallbrook Land with Freeway Exposure

      Prime commercial land opportunity near I-15 in Fallbrook, CA.
      3027 Rainbow Valley Blvd, Fallbrook, CA 92028
      View Details

    Similar Nearby for Lease

    • $1,600 /Mo
      463 SF

      Updated Commercial Unit in Fallbrook

      Modern commercial space in prime location, includes utilities.
      208 E Mission Rd, Fallbrook, CA 92028
      View Details
    • Contact for pricing
      7,500 SF

      Fallbrook Industrial Suite For Rent

      7,500 SF industrial suite with high ceilings and easy access.
      2319 Old Highway 395, Fallbrook, CA 92028
      View Details
    • $1,400 /Mo
      560 SF

      Fallbrook Commercial Space For Lease

      Well-located commercial space with excellent visibility and accessibility.
      208 E Mission Rd, Fallbrook, CA 92028
      View Details
    • Contact for pricing

      Fallbrook Retail Space Opportunity

      Prime location in Fallbrook's high-traffic Mission Plaza shopping center.
      1328 Mission Rd, Fallbrook, CA 92028
      View Details
    • Contact for pricing
      1,365 SF

      Retail Space Available For Rent

      Retail property with 1365 square feet available for rent.
      1113 South Mission Rd, Fallbrook, CA 92028
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    331 Main Ave
    Fallbrook, CA 92028-2939
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    331 Main Ave, Fallbrook, CA, 92028
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!