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High Cap Rate Southern California Apartments

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Address: 331 S Main Ave, Fallbrook, CA 92028, USA

California & West + Apartment Buildings

Created date: May 3, 2024

Date last updated: November 26, 2024

High Cap Rate
New Roofs, Windows, Paint, & Siding
New Cabinets, Counter Tops, Flooring, Sinks, & Vanities
Turn Key Investment
New Fencing, Artificial Turf, & Drought Tolerant Landscaping
Strong Cash Flow

Property Description

331 S Main Ave is an apartment complex located in the heart of Fallbrook. The property consists of 5 permitted units and 3 additional bootlegs, for a total of 8 rentals. There are 5 two-bedroom and one-bath units, 2 studios, and 1 one-bedroom one bath unit. In 2023, the units were significantly renovated inside and out. For the exterior, the ownership put on new roofs, siding, dual pane windows, fencing, paint, artificial turf, and drought-tolerant landscaping. Interior there are new kitchen cabinets, counter tops, flooring, paint, sinks, and vanities. Based on in place income of approx. $14,000 a month this turn-key investment offers it all, cash flow without any heavy repositioning

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Key Property Information

Listing Status:	Sold
Sold Date:	21-11-2024
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$1,500,000
Cap Rate:	6.92%
GRM /GIM:	7.5
Average Occupancy:	100
Year Built:	1920
Year Renovated:	2016
Building Size:	2,582 Sq ft
Lot Size:	8,798.00 Sq ft
APN:	104-052-14-00
Zoning Code:	FBV4
Buy Side Fee:	2%
Opportunity Zone:	No
Parking Spaces:	8

Address: 331 S Main Ave, Fallbrook, CA 92028, USA

Unit mix

Description	No. of Units	Sq ft.	Avg. Monthly Rent

FINANCIAL DETAILS

Income/expense info:	Actual
Financial year:	2024
Gross income:	168000
Effective Gross income:	162960
Operating expenses:	52264
Net operating income:	110691
Pre-tax cashflow:	66412