Property photo 1
Property photo 2
Property photo 3
Property photo 4
Property photo 5
Listed by Eric D. Comer, Broker, Eric D Comer, Listing Contact: 858-369-3084 
58 Beds
54 Baths
34,813 sqft

$9,060,000

234 W Kalmia, Fallbrook CA, 92028

Price per sqft$260.25
Property size34,813 sqft
Property typeMulti-family

Overview

Active

Listed Sep 18, 2026

Updated 24h ago

The offering presents󠃍󠂏󠃢󠂁󠂤󠃢󠂁󠂣󠃢󠂁󠂢󠃢󠂁󠂡󠃢󠂁󠂢 an opportunity to acquire a 54- unit senior multifamily portfolio comprised of two adjacent properties, Kalmia Courtyard and De Luz Apartments, in Fallbrook, California. Properties must be purchased together. The portfolio offers predictable rent growth through rents tied to Area Median Income (AMI) rather than market rents. Constructed in 1988 and 1997, the properties also offer newer construction, potentially reducing maintenance and long-term capital expenditures. Due to the recorded Regulatory Agreement, the portfolio qualifies for Low-Income Housing property tax abatement. Seller to convey 501(c)3 nonprofit entity to assist buyer with structure. The adjacent properties can be operated separately or together, providing operational efficiencies while maintaining separate income streams and flexibility to sell the proper ties individually in the future. Located within walking distance of Downtown Fallbrook, residents benefit from convenient access to locally owned shops, restaurants, boutiques, galleries, and everyday services in a charming small-town setting.

$60,276/mo

Est. mortgage payment based on a $9,060,000 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

Additional information

MLS® ID
260022912

Interior Features

Bedrooms
58
Bathrooms
54
Basement
No

Other Property Details

Garage
Yes

This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego Multiple Listing Service. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. 

© 2026 San Diego Multiple Listing Service. All rights reserved. 

Data last updated 5:16 AM UTC, 9/19/2026

   

 

Website advertised by Noel Lawton | CA DRE# 01305537 , DRE 500064354

Powered by Luxury Presence