305 W Clemmens Lane, Fallbrook, CA 92028
Commercial property
Sold February 2024
Listing Agent: Corey McHenry (DRE #01800485) · Listing Office: David Santistevan · Contact: 619-994-8896 · Bought with: Corey McHenry · David Santistevan · MLS #230023941SD · Source: CRMLS
About this commercial property
- Classic value-add opportunity– being sold by original developer from 1986 (35+ year ownership) - 70% Seller financing @ 5% I.O. for 5 years for qualified buyers - 80% +/- upside in rents post renovation - Primarily 2BR Units (2 – 1BR/1BA, 18 – 2BR/1BA and 2 – 3BR/1BA) - Newer roof - Individual hot water heaters – more efficient operations - Balconies with views for both 3BR units - Upscale city park / playground across the street Clemmens Lane County Park Grove Top Apartments is a classic value-add opportunity located in North San Diego County in Fallbrook. The property is walking distance to downtown Main Avenue, with tree-lined streets, restaurants, shops and more. With easy access to employment along the I-78 Corridor (Escondido to Oceanside) and a short drive to Cal State University San Marcos (the fastest growing university in California), Palomar College, Temecula and much more. Fallbrook is considered a desirable enclave separate from the hustle and bustle of urban city life. The property is also within close proximity to spectacular wineries/vineyards, wedding venues, golf, equestrian centers, airport/airpark and more. The property was built in 1986 and is being sold by the original developer, and therefore this is the first time the property has ever been on the market. Although the property has been well maintained over the years, the current rents are very low. There is considerable upside in rents through renovation of the interiors and exterior of the property. The unit mix consists of primarily 2BR units (2 – 1BR/1BA, 18 – 2BR/1BA & 2 – 3BR/1BA). The property has a newer roof as well as individual hot water heaters, which keeps utility costs at a minimum. Additionally, the 2 – 3BR units have large balconies with expansive views. The vacancy rate in the city of Fallbrook is 1.8%, lowest vacancy rate in all of San Diego County (Costar) with no new construction of apartments in the pipeline. The seller is offering a 70% LTV Seller Carryback at 5%, interest-only for 5 years to qualified buyers.
Listing description from the February 2024 sale, as reported to CRMLS.
Sale history