NOT LISTED FOR SALE

228 N Pasadena Ave Fallbrook, CA 92028

5 Beds
4 Baths
2,698 Sq Ft
1968 Built

Last Sold April 16, 2025

Last sale price $1,130,000 $419 Per Sq Ft

9 Days on Market

About This Home

As of April 2025

**4-Units, 5.01% CAP** This well-located 4-Unit single level apartment complex contains three (3) 1Bedroom/1Bathroom units and one (1) 2Bedroom/1Bathroom unit. Two units will be delivered vacant making it the perfect opportunity for an owner occupant or value-add investor. Property amenities include a common area laundry facility, private yards for each unit, and air conditioning, and seven (7) surface parking spots. 5.01% CAP on Actuals. 5.71% CAP on Proforma. Situated near Downtown Fallbrook, the property is walking distance to shops and restaurants.

Last Agent to Sell the Property

Angelo La Bruna

Apartment Realty Group (ARG) License #01991625 Listed on: 03/17/2025

Last Buyer's Agent

Inez Lockwood

Marina Beach Real Estate License #00285073

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1968

Home Design

  • Composition Roof
  • Stucco Exterior

Interior Spaces

  • 1-Story Property

Community Details

  • 4 Units
  • Net Operating Income $59,892

Listing and Financial Details

  • Tenant pays for electricity, gas/propane
  • Assessor Parcel Number 103-310-12-00

Property Details

Home Type

Multi-Family

Year Built

Built in 1968

Lot Details

0

Listing Details

  • Class: 2-4 UNITS
  • Type: Res Income 2-4 Units
  • Market Area: North County
  • Cross Street: N Pasadena & W Hawthorne
  • Neighborhood: Fallbrook
  • LP / Sq Ft: 17.51
  • Stories: 1 Story
  • Sale Price List Price: 0.95
  • Total Stories: 1
  • Year Built: 1968
  • Allow Comments Review: Yes
  • Internet Address Field: Full Address
  • Internet Syndication Y N: Yes
  • Special Features: None
  • Property Sub Type: MultiFamily

Exterior Features

  • Exterior Material: Stucco
  • Roof: Composition

Condo/Co-op/Association

  • Community: FALLBROOK

Lot Info

  • Lot Size: .25 to .5 AC
  • Assessor Parcel Number: 103-310-12-00

Rental Info

  • Tenant Pays: Electricity, Gas/Propane

Multi Family

  • No. of Units: 4
  • Actual Net Operating Income: 59892
  • Gross Rent Multiplier Actual: 12.8
  • Gross Rent Multiplier Projected: 11.67
  • Number Of Buildings: 1
  • Number Of Units With Dryers: 1
  • Number Of Units With Patios: 4
  • Number Of Units With Range Oven: 4
  • Number Of Units With Refrigerator: 4
  • Number Of Units With Washers: 1
  • Other Income Actual: 400
  • Other Income Projected: 450.0
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
04/16/2025 04/16/25 Sold $1,130,000 -5.4% $419 / Sq Ft
03/27/2025 03/27/25 Pending -- -- --
03/17/2025 03/17/25 For Sale $1,195,000 -- $443 / Sq Ft
Source: San Diego MLS

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $8,412 $798,289 $386,266 $412,023
2024 $8,412 $782,638 $378,693 $403,945
2023 $8,159 $767,293 $371,268 $396,025
2022 $8,162 $752,249 $363,989 $388,260
2021 $7,907 $737,500 $356,852 $380,648
2020 $6,556 $598,228 $289,463 $308,765
2019 $6,440 $586,499 $283,788 $302,711
2018 $3,918 $351,676 $170,165 $181,511
2017 $3,842 $344,781 $166,829 $177,952
2016 $3,723 $338,021 $163,558 $174,463
2015 $3,648 $332,945 $161,102 $171,843
2014 $3,581 $326,424 $157,947 $168,477
Source: Public Records

Agents Affiliated with this Home

  • Angelo La Bruna

    Seller's Agent in 2025

    Angelo La Bruna

    Apartment Realty Group (ARG)

    (858) 837-1456

    6 in this area

    62 Total Sales

    Angelo La Bruna
    Section Image

  • I

    Buyer's Agent in 2025

    Inez Lockwood

    Marina Beach Real Estate

  • Adam Nogueira

    Buyer's Agent in 2025

    Adam Nogueira

    SimpliHOM, Inc

    (760) 535-5387

    22 in this area

    64 Total Sales

    Adam Nogueira
    Section Image
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Map

Source: San Diego MLS

MLS Number: 250021651

San Diego MLS

APN: 103-310-12-00

California San Diego County Fallbrook 92028

228 N Pasadena Ave, Fallbrook, CA

Not Listed for Sale

MultiFamily

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