408 N Pico Ave, Fallbrook, California 92028, Fallbrook, 92028 - 2 bed, 2 bath
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Fallbrook, California 92028
Analysis of 408 N Pico Ave, Fallbrook, California 92028 is currently available with a list price of $1,075,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Fallbrook Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is moderate renovation needed.
Built in 1953, the property is over 70 years old and significantly dated. While the listing mentions 'clean interiors' and active tenants, the heavy emphasis on 'major re-development potential' and land value indicates the structures are nearing the end of their economic life and would require extensive updates to meet modern standards.
Situated on a signalized hard corner with high visibility and frontage, this property offers maximum exposure for commercial tenants and future business ventures.
Zoned FB-V2 across three contiguous lots, the property provides significant redevelopment upside, allowing for a versatile combination of residential and commercial projects.
The existing residential duplex and commercial office are occupied by dependable tenants, providing a stable cash flow while the owner navigates the redevelopment process.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =10653, other record lot size in square feet = 6714.
Built in 1953, the existing structures may require significant maintenance or complete demolition to realize the property's highest and best use through redevelopment.
The million-dollar-plus price point is heavily weighted toward future development potential rather than the current utility of the 1,440 square feet of existing space.
HIGH-VISIBILITY CORNER — RESIDENTIAL DUPLEX + COMMERICIAL OFFICE with MAJOR RE-DEVELOPMENT POTENTIAL. Own the entire corner. This property offers a rare chance for an owner-occupant seeking an income-producing property or an investor ready to capitalize on the site’s serious redevelopment upside. This package includes three contiguous lots, totaling 10,653 sq ft and zoned FB-V2—a mixed-use designation allowing both commercial and residential development. The property sits at a signalized hard corner, commanding maximum visibility and frontage. Currently, the property consists of a residential duplex and a commercial office building, all with clean interiors & dependable tenants offering great stability. The major upside is in the right development strategy. This already income-producing property then becomes an income-producing POWERHOUSE. The caliber of exposure, zoning versatility, and proven income stream is nearly impossible to replicate at this price point.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 2.5 | 50% |
| Baths | 2.0 | 1.5 | 50% |
| Square foot | 1,440 | 1,323 | 50% |
| Lot Size | 10,653 | 8,593.5 | 50% |
| Price | $1.07M | $854.5K | 50% |
| Price per sq ft | $747 | $636 | 50% |
| Built year | 1953 | 1951 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 32 | 96 | 50% |
May 14, 2026
$1,075,000
Initial Listing
Jun 27, 2014
$255,000
Public Record