823 Rice Canyon Rd, Fallbrook, California 92028, Fallbrook, 92028 - 4 bed, 4 bath
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Fallbrook, California 92028
This Versatile Equestrian Ranch represents a Prime Investment Opportunity with a List Price of $898,000—positioned well below the $944,545 Fair Market Value by 4%. This entry point secures $46,545 in Instant Equity. Though carrying a Condition Rating of 5 requiring interior modernization, the property boasts 4.84 acres of usable land, six spacious stalls, and panoramic views. Located in the Fallbrook Union district near wineries, it aligns with regional trends favoring large-lot agricultural assets. This is an ideal acquisition for Equestrian Enthusiasts or Value-Add Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 823 Rice Canyon Rd Subject | $898,000* List Price | 4 | 4 | 2,674 | $353 | - |
A 6133 Rainbow Heights Rd Pending | $699,000 List Price | 2 | 1 | 1,826 | $383 | 0.8 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1979, the property is over 45 years old and shows a kitchen with original-style oak cabinetry, dated fluorescent light boxes, and older tile flooring. The listing description explicitly highlights 'exceptional value in the land itself' and 'potential for customization,' which are standard industry indicators for a home requiring significant rehabilitation or major updates to its core systems and interior.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 210830, living area = 2674.
The property is a fully equipped horse ranch featuring six spacious stalls, large paddocks, and a three-section pasture, making it ideal for professional training or equestrian enthusiasts.
Set on nearly five acres of usable land with no HOA, this property offers rare privacy and significant potential for customization, expansion, or additional agricultural development.
With a build date of 1979, the residence and facilities may require modernization and capital improvements to meet contemporary aesthetic and efficiency standards.
The property features a standard neighborhood view, which may be less competitive compared to other Fallbrook estates that offer dramatic panoramic or ocean vistas.
Set on nearly five acres (4.84) of usable land, this versatile horse ranch offers endless potential and exceptional value in the land itself. The property features 3 bedrooms plus a large additional sunroom/bonus bedroom, providing flexible living space to suit a variety of needs. Front and rear patios create inviting spaces to relax or entertain, while multiple storage areas and a dedicated workshop add everyday functionality. Designed with equestrian enthusiasts in mind, the ranch is equipped with horse facilities including large paddocks, 6 spacious stalls, and a 3 section pasture ideal for slow work and strength development. The grounds are beautifully tree-shaded with drought-resistant, low-maintenance landscaping, offering both privacy and sustainability. With no HOA and countless possibilities for customization or expansion, this property presents a rare opportunity for ranch living, training or investment. Conveniently located near Fallbrook Village, local shops and wineries, and just minutes from Pala Casino/Resort, the property also provides easy access to Temecula. Enjoy proximity to San Luis Rey Downs Training Center just 10 miles away, Del Mar Racetrack within 45 minutes and the beach only 30 minutes from home — delivering the perfect balance of rural serenity and Southern California convenience.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 3.0 | 50% |
| Baths | 4.0 | 3.0 | 77% |
| Square foot | 2,674 | 2,341 | 65% |
| Lot Size | 210,830.406 | 25,264.801 | 94% |
| Price | $898.0K | $910.0K | 47% |
| Price per sq ft | $336 | $418 | 13% |
| Built year | 1979 | 1992 | 24% |
| HOA | $0 | $0 | 50% |
| Days on market | 36 | 142 | 10% |
May 1, 2026
$898,000
Initial Listing