NOT LISTED FOR SALE

725 E Elder St Fallbrook, CA 92028

10 Beds
8 Baths
4,200 Sq Ft
1965 Built

Last Sold August 25, 2021

Last sale price $1,150,000 $274 Per Sq Ft

60 Days on Market

About This Home

As of August 2021

The Elder Street Apartments represent a true value add opportunity in the North San Diego County community of Fallbrook. The opportunity consists of a 4 unit building with the potential to add the adjacent property at 729 E. Elder, for a total of 8 units on 2 separate parcels enabling the investor to lock in 30 year fixed rate debt at historically low rates on each building. Constructed in 1965, 725 E. Elder rests on a slab foundation with stucco and frame construction. The 2 story building has a unit mix consisting of two 2 bedroom 1.5 bath units plus two 3 bedroom 1.5 bath units, with all units over 1050 square feet. Separately metered for gas and electric, the units have long term tenants with a solid payment history. The roof was replaced in 2017 and the boiler in 2016 so major systems are relatively new. All plumbing angle stops have been replaced, all toilets are low flow, and plumbing lines are copper. There is a laundry room with leased equipment providing the residents with onsite convenience plus extra income for the owner. Parking is via carports. Purchase this as a 4 unit investment or combine with 729 E. Elder for an 8 unit asset with no income fluctuation from interest rate uncertainty due to the ability to use 30 year fixed rate debt.

Last Agent to Sell the Property

Gary Kaufman

South Coast Commercial, Inc. License #01816761 Listed on: 06/01/2021

South Coast Commercial, Inc.

Last Buyer's Agent

Sebastian Winfield

LPT Realty, Inc License #02098879

LPT Realty, Inc

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1965

Home Design

  • Stucco Exterior

Additional Features

  • 2-Story Property
  • Partially Fenced Property
  • Cooling System Mounted To A Wall/Window

Listing and Financial Details

  • Tenant pays for cable TV, electricity, gas/propane
  • Assessor Parcel Number 105-341-40-00

Community Details

Overview

  • 4 Units
  • Elder Apartments Community

Additional Features

  • Laundry Facilities
  • Net Operating Income $48,142

Property Details

Home Type

Multi-Family

Year Built

Built in 1965

Lot Details

0

Listing Details

  • Class: 2-4 UNITS
  • Type: Res Income 2-4 Units
  • Market Area: North County
  • Cross Street: Golden & Elder
  • Neighborhood: Elder
  • Stories: 2 Story
  • Sale Price List Price: 0.96
  • Total Stories: 2
  • Year Built: 1965
  • Allow Comments Review: Yes
  • Internet Address Field: Full Address
  • Internet Syndication Y N: Yes
  • Prkng Non Garage Spac U1: 1
  • Prkng Non Garage Spac U2: 1
  • Prkng Non Garage Spac U3: 1
  • Prkng Non Garage Spac U4: 1
  • Special Features: None
  • Property Sub Type: MultiFamily

Exterior Features

  • Exterior Material: Stucco
  • Fencing: Partial

Utilities

  • Cooling: Wall/Window

Condo/Co-op/Association

  • Complex Name: Elder Apartments
  • Community: FALLBROOK
  • Complex Features: Laundry Facilities

Lot Info

  • Lot Size: 7,500-10,889 SF
  • Assessor Parcel Number: 105-341-40-00

Rental Info

  • Tenant Pays: Cable TV, Electricity, Gas/Propane

Multi Family

  • No. of Units: 4
  • Actual Net Operating Income: 48142
  • Annual Expense Actual: 26534
  • Gross Rent Multiplier Actual: 15.7
  • Gross Sched Income Actual: 74400
  • Number Of Buildings: 1
  • Number Of Units With Cooling: 4
  • Number Of Units With Patios: 2
  • Number Of Units With Range Oven: 4
  • Number Of Units With Refrigerator: 4
  • Other Income Actual: 1800

Range of Values:

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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 Change Sq Ft Price
08/25/2021 08/25/21 Sold $1,150,000 -4.2% $274 / Sq Ft
08/01/2021 08/01/21 Pending -- -- --
06/01/2021 06/01/21 For Sale $1,200,000 +93.5% $286 / Sq Ft
07/09/2013 07/09/13 Sold $620,000 0.0% $146 / Sq Ft
06/12/2013 06/12/13 Pending -- -- --
03/11/2013 03/11/13 For Sale $620,000 -- $146 / Sq Ft
Source: San Diego MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Gary Kaufman

    Seller's Agent in 2021

    Gary Kaufman

    South Coast Commercial, Inc.

    (760) 814-0114

    4 in this area

    10 Total Sales

    Section Image

  • S

    Buyer's Agent in 2021

    Sebastian Winfield

    LPT Realty, Inc

    (858) 777-9816

    4 in this area

    142 Total Sales

    Section Image

  • L

    Seller's Agent in 2013

    Leslie Arden

    Exit Stepping Stone Realty

  • Anthony Mendes

    Buyer's Agent in 2013

    Anthony Mendes

    The Mendes Company

    (619) 889-3614

    9 Total Sales

    Section Image
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Map

Source: San Diego MLS

MLS Number: 210014898

San Diego MLS

APN: 105-341-40-00

California San Diego County Fallbrook 92028

725 E Elder St, Fallbrook, CA

This home is located at 725 E Elder St, Fallbrook, CA 92028 since 01 June 2021. This property was built in 1965. 725 E Elder St is a home located in San Diego County with nearby schools including La Paloma Elementary School, James E. Potter Intermediate School, and Fallbrook High School.

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