408 N Pico Ave Fallbrook, CA 92028

Property Details for 408 N Pico Ave

Year built

1953

Lot size

0.15 lot acres

Property size

1,440 SF

Zone code

RESTRICTED COMMERCIAL

Property type

Retail space

APN

103-131-04-00

APU

1031310400

Description

This exceptional Fallbrook investment opportunity encompasses three contiguous lots totaling 10,653 square feet (approximately 0.34 acres) and is zoned for both commercial and residential use. The property boasts high street visibility at the north end of town, conveniently located within walking distance of Fallbrook's Village, theatre, restaurants, and shops. The property currently features two buildings: a vacant 640-square-foot office building equipped with a hard-wired sprinkler system and security cameras, and a duplex. The office building is currently partially available for lease at $1,900 per month, with potential for $3,500 per month with minor improvements. The duplex comprises two units, approximately 400 square feet each, currently rented month-to-month to long-term tenants at $1,250 and $1,028.50 per month respectively. The seller indicates that rental income could be significantly increased. The property's previous use as a successful used car lot suggests diverse potential applications. This property is well-suited for a cash buyer, a buyer seeking to refinance, or a 1031 exchange. Detailed expense information is available upon request to qualified buyers. All information provided is per seller