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408 N Pico Ave, Fallbrook, California 92028, Fallbrook, 92028 - bed, bath

408 N Pico Ave, Fallbrook, California 92028 home-pic-0
ACTIVE$1,100,000
408 N Pico Ave, Fallbrook, California 92028
0Bed
0Bath
1,440Sqft
10,653Lot
Year Built
1953
Close
-
List price
$1.1M
Original List price
$1.1M
Price/Sqft
$764
HOA
-
Days on market
-
Sold On
-
MLS number
OC25248346
Home ConditionPoor
Features
Deck
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.10M(50th), sqft - 1440(50th), beds - undefined(50th), baths - undefined(50th).

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.

Price History

Date
Event
Price
10/27/25
Listing
$1,100,000
Condition Rating
Poor
The property was built in 1953, making the existing structures over 70 years old. While the listing mentions 'clean interiors & dependable tenants,' suggesting habitability, the primary focus of the listing is on 'MAJOR RE-DEVELOPMENT POTENTIAL' and the 'Age of Existing Structures' is explicitly listed as a weakness. Without any interior photos of the kitchen or bathrooms, and given the age, it's highly probable that these critical areas, along with major systems (electrical, plumbing, HVAC), are significantly outdated and would require substantial repairs, rehabilitation, or complete replacement to meet current standards. The exterior images show older buildings, and an outdoor laundry area with dated wallpaper further supports the likelihood of an aged interior aesthetic and functionality. This condition aligns with 'Poor,' indicating substantial repairs and rehabilitation are needed, even if currently occupied.
Pros & Cons

Pros

High Visibility & Location: The property is situated on a signalized hard corner, offering maximum visibility and frontage, which is highly advantageous for commercial and mixed-use development.
Mixed-Use Zoning (FB-V2): Zoned FB-V2, the property allows for both commercial and residential development, providing exceptional versatility and future development options.
Significant Redevelopment Potential: With its prime location, zoning, and multiple contiguous lots, the property offers major redevelopment upside, allowing for substantial value creation.
Immediate Income Generation: Currently an income-producing asset with dependable tenants in both the residential duplex and commercial office, providing stable cash flow from day one.
Large Contiguous Lot Size: Comprising three contiguous lots totaling 10,653 sq ft, the property offers a substantial footprint for ambitious redevelopment projects.

Cons

Age of Existing Structures: Built in 1953, the current buildings are older, which may imply a need for significant renovations, updates, or potential demolition as part of a redevelopment strategy.
Capital Intensive Redevelopment: While offering major potential, realizing the full redevelopment upside will require substantial capital investment, extensive planning, and navigating permitting processes.
Underutilization of Land: The existing 1,440 sq ft of structures on a 10,653 sq ft lot suggest the land is currently underutilized, necessitating redevelopment to maximize its economic potential.

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