408 N Pico Ave, Fallbrook, California 92028, Fallbrook, 92028 - 2 bed, 2 bath
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408 N Pico Ave
Fallbrook, California 92028
ACTIVE
CONDITION: POOR
2Beds
2Baths
1,440Sq Ft
10,653Lot Size
Property Price
LIST PRICE$999,900
SUMMARY
Analysis of 408 N Pico Ave, Fallbrook, California 92028 is currently available with a list price of $999,900. 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
See Full ReportOVERALL CONDITION SCORE
Poor
TeardownExcellent
Property is extensive renovation needed.
Built in 1953 (>70 years old) and marketed primarily for its 'major re-development potential' and land value. While the listing mentions clean interiors and active tenants, the age of the structures, dated exterior siding, and outdoor laundry facilities indicate the property is at the end of its economic life and requires significant rehab or total redevelopment.
PROSSTRENGTHS & OPPORTUNITIES
- Mixed-Use Development Potential
The FB-V2 zoning across three contiguous lots totaling 10,653 sq ft offers significant redevelopment upside for both commercial and residential projects.
- Prime Corner Visibility
Situated on a signalized hard corner, the property commands maximum frontage and high traffic exposure, which is ideal for commercial tenants or future retail use.
- Immediate Cash Flow
The existing residential duplex and commercial office provide a stable, diversified income stream with dependable tenants already in place, offering stability during the planning phase.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
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.
- Aging Infrastructure
Originally built in 1953, the structures may require significant ongoing maintenance or capital improvements to remain competitive if not immediately redeveloped.
- Extended Market Time
With 110 days on market and a recent price reduction, the property may be facing liquidity challenges or buyer hesitation regarding the current valuation of mixed-use assets.
About 408 N Pico Ave
REDUCED! 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
- 2
- Total Bathrooms
- 2 (2 Full, 0 Half)
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 |
|---|---|---|
| Beds | 2.0 | 0.0 |
| Baths | 2.0 | 0.0 |
| Square foot | 1,440 | - |
| Lot Size | 10,653 | - |
| Price | $999.9K | $634.0K |
| Price per sq ft | $694 | $526 |
| Built year | 1953 | 0 |
| HOA | $0 | $0 |
| Days on market | 118 | 112 |
Pricing History
Listed for Sale
Aug 7, 2026
$999,900
$1,075,000
-7% Price Drop
Initial Listing
Price Change
May 14, 2026
$1,075,000
Initial Listing
Sold
Jun 27, 2014
$255,000
Public Record