408 N Pico Ave, Fallbrook, California 92028, Fallbrook, 92028 - bed, bath
408 N Pico Ave
Fallbrook, California 92028
Property Price
SUMMARY
Analysis of 408 N Pico Ave, Fallbrook, California 92028 is currently available with a list price of $1,075,000. The property maintains a Poor Condition Rating (30/100), indicating the property requires renovation and updates to maximize its market potential. This presents opportunities for value-add investors. 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 Experienced Investors and Fix-and-Flip Specialists.
Condition Analysis
OVERALL CONDITION SCORE
Property is extensive renovation needed.
Built in 1953, the property is explicitly described as having 'aging structures' that are 'likely necessitating substantial renovation or demolition to align with modern development standards or maximize the site's potential.' While the description mentions 'clean interiors & dependable tenants,' implying basic functionality, the lack of interior photos and the age of the property, combined with the stated need for substantial renovation or potential demolition, indicates a condition far below modern standards. The exterior images show dated construction and an exposed outdoor laundry area, further supporting a 'poor' condition where significant rehabilitation is required to bring it up to contemporary living standards.
PROSSTRENGTHS & OPPORTUNITIES
- Strategic Corner Location
Positioned on a signalized hard corner, offering exceptional visibility, maximum frontage, and ownership of the entire corner, ideal for commercial and mixed-use ventures.
- Flexible Mixed-Use Zoning (FB-V2)
Zoned FB-V2, allowing for diverse commercial and residential development, providing significant versatility for future projects.
- Significant Redevelopment Potential
Comprising three contiguous lots totaling 10,653 sq ft, this property offers substantial upside for major redevelopment and value creation.
CONSRISKS & DEFICIENCIES
- Aging Structures
Built in 1953, the existing buildings are older, likely necessitating substantial renovation or demolition to align with modern development standards or maximize the site's potential.
- Capital-Intensive Redevelopment
Unlocking the property's full 'powerhouse' potential requires a significant capital investment for planning, permits, and construction of new or extensively renovated structures.
- Development Complexity
Realizing the redevelopment upside involves navigating zoning regulations, obtaining permits, and executing a comprehensive development strategy, which can be time-consuming and complex.
About 408 N Pico Ave
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.
Property Details
Public Facts
- Property Type
- Mixed Use
- Year Built
- 1953
- Lot Size
- 10,653 Sq. Ft.
Interior
- Total Bedrooms
- -
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | - | 1.5 | 50% |
| Baths | - | 0.5 | 50% |
| Square foot | 1,440 | 1,299 | 50% |
| Lot Size | 10,653 | 132,086 | 50% |
| Price | $1.07M | $1.09M | 50% |
| Price per sq ft | $747 | $848 | 50% |
| Built year | 1953 | 1953 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 131 | 300 | 50% |
Pricing History
Listed for Sale
Feb 3, 2026
$1,075,000
$1,100,000
-2% Price Drop
Initial Listing
Price Change
Oct 27, 2025
$1,100,000
Initial Listing