For sale

$9,060,000

Est. $59,271/mo —

•

34,813

sq ft

234 W Kalmia St, Fallbrook, CA 92028

About this home

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. Included 2 properties and 4 parcels - 234 W Kalmia Street & 420 N. Pico Ave, Fallbrook, CA 92028. APN: 103-131-06, 07 & 08 and 103-131-01-00

Multi-familyProperty Type

$260Price/Sq.Ft.

Listed by Eric Comer •DRE #00842230 • Eric D. Comer, Broker

•858-269-7148 (agent)

•eric.comer@kidder.com (agent)

Listing updated: Nov 6, 2026 at 01:59pm

Redfin checked: 2 minutes ago

•Source:SDMLS #260022912

Payment calculator

$59,271 per month

Principal and interest$48,172

Property taxes

$9,438

HOA dues

Home insurance

$1,661

Utilities

Add

5 minutes to get started. No credit impact.

Affordability tools

See this home in person

We'll connect you with a local agent to show you this home, answer your questions, and assist you on your buying journey.

Next available tour time: Today

Open houses

No upcoming open houses.

Nearby open houses (10)

OPEN WED, 4:15PM TO 6PM
$1,550,000
4 beds3 baths3,203 sq ft
1691 Tecalote Dr, Fallbrook, CA 92028
0.8 acre lot • 3 garage spots • Built 2000
OPEN FRI, 3PM TO 6PM
$675,000
3 beds2 baths1,412 sq ft
31762 Loma Linda, Temecula, CA 92592
8,276 sq ft lot • 2 garage spots • Community pool
OPEN SAT, 11AM TO 3PM3D & VIDEO TOUR
$1,500,000
5 beds3.5 baths2,996 sq ft
39150 Daily Rd, Fallbrook, CA 92028
12.5 acre lot • 2 garage spots • Built 1983
First Team Real Estate
OPEN SAT, 11AM TO 3PMVIDEO TOUR
$830,000
5 beds2.5 baths2,258 sq ft
45794 Corte Lerma, Temecula, CA 92592
6,098 sq ft lot • 3 garage spots • Pool
Allison James Estates & Homes
OPEN SAT, 11AM TO 3PM3D WALKTHROUGH
$849,900
3 beds3 baths1,841 sq ft
41948 Vardon, Temecula, CA 92591
6,098 sq ft lot • 3 garage spots • Community pool
Acevedo Real Estate Professionals
REDFIN OPEN SAT, 12PM TO 3PM3D WALKTHROUGH
$610,000
4 beds2 baths1,524 sq ft
41441 Avenida De La Reina, Temecula, CA 92592
6,098 sq ft lot • 2 garage spots • Pool
OPEN SAT, 12PM TO 2PM
$2,190,000
4 beds5.5 baths4,737 sq ft
43821 Shady Crk, Temecula, CA 92590
4 garage spots • Pool • Built 2004
OPEN SAT, 1PM TO 3PM
$849,000
3 beds2.5 baths1,824 sq ft
1256 Olive Ave, Fallbrook, CA 92028
1.2 acre lot • 2 garage spots • Built 1985
OPEN SAT, 1PM TO 3PM
$1,475,000
4 beds3.5 baths3,642 sq ft
5382 Willman Way, Fallbrook, CA 92028
2.06 acre lot • 3 garage spots • Pool
OPEN SUN, 12PM TO 3PM3D WALKTHROUGH
$975,000
4 beds3 baths1,764 sq ft
5569 Old Ranch Rd, Oceanside, CA 92057
2 garage spots • Built 1988 • Listed 5 days

Interested in buying?

Make a winning offer with the help of a local agent

Around this home

Schools

K - 12
Preschool & daycare

William H. Frazier Elementary School

Public K-6 • Assigned • 1.7mi

7/10

James E. Potter Intermediate School

Public 7-8 • Assigned • 2.2mi

5/10

Fallbrook High School

Public 9-12 • Assigned • 2.6mi

6/10

Provided by GreatSchools

About North

Fallbrook

North Fallbrook, located between Mission Road and the Santa Margarita River corridor, is a rural and residential Fallbrook neighborhood with avocado groves and winding hillside lanes. The neighborhood’s character concentrates around the Mission Rd and Fallbrook St junction, where farm stands, local cafes, and small-town storefronts set an unhurried pace. Ranch-style homes and newer builds share space with equestrian parcels and citrus rows, giving streets a wide-open feel. The landscape shifts from gentle valleys to boulder-studded ridgelines with long views. The weekly rhythm ties back to Main Avenue’s galleries and tasting rooms. The air often carries a mix of chaparral and orchard bloom.

Provided by Walk Score and Local Logic

Property details

Parking

Parking/Garage Information
Parking Features: Garage

Interior

Bathroom Information
# of Full Bathrooms: 54

Interior Features
Interior Features: Elevator

Exterior

Building Information
Sq. Ft.: 34813.0
Construction Materials: Frame, Stucco

Property Information
Property Type: Residential Income
Raw Mls Property Sub Type: Com-Res Income

Lot Information
Lot Size Units: Acres

Public facts

Beds: —
Baths: —
Finished Sq. Ft.: —
Unfinished Sq. Ft.: —
Total Sq. Ft.: 19,926
Stories: —
Lot Size: 0.72 acres
Style: Multi-Family (5+ Unit)
Year Built: 1997
Year Renovated: 1997
County: San Diego County
APN: 1031310100

Home facts updated by county records on Aug 20, 2026

Other

Listing Information
List AOR: San Diego Association of REALTOR

Sale and tax history for 234 W Kalmia St

Sale History
Tax History

Year

Property tax

Land + Additions

Assessment*

2025

$176 (−99.5%)

$965,976 + $2,365,859

$3,331,835

2024

$34,393 (+21,414.4%)

$947,036 + $2,319,470

$3,266,506

2023

$160 (+4.2%)

$928,467 + $2,273,991

$3,202,458

2022

$153 (−47.7%)

$910,262 + $2,229,403

$3,139,665

2021

$293 (−22.3%)

$892,414 + $2,185,690

$3,078,104

2020

$377 (−21.4%)

$874,916 + $2,142,834

$3,017,750

2019

$480 (−98.5%)

$865,945 + $2,120,862

$2,986,807

2018

$31,651 (+2.0%)

$848,966 + $2,079,277

$2,928,243

2017

$31,031 (+56.7%)

$816,000 + $1,998,537

$2,814,537

2016

$19,808 (+2.2%)

$816,000 + $1,998,537

$2,814,537

2015

$19,379 (+1.9%)

$402,733 + $1,403,348

$1,806,081

2014

$19,017 (+1.1%)

$388,914 + $1,355,193

$1,744,107

2013

$18,813 (+1.0%)

$388,914 + $1,355,193

$1,744,107

2012

$18,632 (+2.4%)

$387,157 + $1,349,069

$1,736,226

2011

$18,202 (+1.8%)

$379,566 + $1,322,617

$1,702,183

2010

$17,873 (+1.0%)

$372,124 + $1,296,684

$1,668,808

2009

$17,691 (+1.8%)

$369,343 + $1,286,993

$1,656,336

2008

$17,373

$370,221 + $1,290,051

$1,660,272

Public record

Public record
Zoning

Beds

—

Baths

—

Stories

—

Lot width

—

Lot depth

—

Lot size

0.72 Acres

Year renovated

1997

Finished Sq. Ft.

—

Unfinished Sq. Ft.

—

Total Sq. Ft.

19,926

Year built

1997

Style

Multi-Family (5+ Unit)

County

San Diego County

APN

1031310100

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Aug 20, 2026.

Urban Residential District

The RU Use Regulations are intended to create and enhance areas where permanent family residential uses are permitted and institutional residential care uses are conditionally permitted and civic uses are permitted when they serve the needs of the residents. Typically, the RU Use Regulations would be applied to rural, suburban, or urban areas where adequate levels of public services are available. Various applications of the RU Use Regulations with appropriate development designators can create areas which have a single-family character or areas which, because of the scale of structures, are recognizable as high-density areas.

Permitted uses

Include but are not limited to:

Housing-Group
Housing-Single unit
Housing-Multiple units
Public service
Fire house
Agriculture-Cropland
Agriculture-Grove / orchard
Park & open space

Climate risks

1/10 Flood Factor

Minimal risk of a flood reaching the building in the next 30 years

7/10 Fire Factor

18% chance of being in a wildfire in next 30 years

6/10 Heat Factor

6 days above 94° expected this year, 19 days in 30 years

1/10 Wind Factor

Minimal risk of severe winds over next 30 years

4/10 Air Factor

4 unhealthy days expected this year, 4 days in 30 years

Provided by First Street

Historical weather

Fallbrook, CA • 92028

Average low and high temperatures (°F)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sun exposure

93/ 100

Exceptional sunlight

Sunscore

This home ranks in the top 25% for direct sun exposure in Fallbrook. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.

11 hrs

7.4 hrs

JuneDecember

Provided by Shadowmap

Redfin Estimate for 234 W Kalmia St

There isn’t enough information to generate an accurate estimate at this time. Learn More

Tour for free, no strings attached

Instant answers, or connect with a local agent

Early Access listings

EARLY ACCESSCOLDWELL BANKER REALTY COMING SOON

$1,549,000

3 beds3 baths2,358 sq ft

20264 Aetna St, Woodland Hills, CA 91367

EARLY ACCESSCOMPASS COMING SOON

$1,600,000

2 beds3 baths1,244 sq ft

78 Bower Tree, Irvine, CA 92603

EARLY ACCESSCOMPASS COMING SOON

$25,000,000

6 beds8 baths8,701 sq ft

29754 Baden Pl, Malibu, CA 90265

EARLY ACCESSCOLDWELL BANKER REALTY COMING SOON

$1,199,998

3 beds2 baths1,860 sq ft

10429 Glade Ave, Chatsworth, CA 91311

EARLY ACCESSREDFIN COMING SOON

$1,098,000

1 bed1 bath838 sq ft

190 Del Mar Shores Ter #67, Solana Beach, CA 92075

EARLY ACCESSCOLDWELL BANKER REALTY COMING SOON

$1,169,000

3 beds2 baths1,584 sq ft

19631 Sylvan St, Tarzana, CA 91335

Nearby similar homes

$2,300,000

8 beds8 baths4,440 sq ft

213 Guajome, Vista, CA 92083

Onsite parking • Enclosed garages • Vista village

$9,500,000

5 beds5.5 baths26,728 sq ft

39011 Agua Vis, Murrieta, CA 92563

Three structures • Swimming pool • 1.84 acre lot

$8,300,000

34 beds28 baths18,195 sq ft

628 W California Ave, Vista, CA 92083

Large lot • Extra-large units • Upstairs balconies

$1,625,000

10 beds7 baths4,903 sq ft

329 N Pico Ave, Fallbrook, CA 92028

Garage • Listed 214 days

$13,250,000

78 beds57 baths37,417 sq ft

1010 Clearbrook Ln, Vista, CA 92084

Spacious parcel • Private driveway • Ample parking

$2,300,000

11 beds10 baths6,268 sq ft

5710 Olive Hill Rd, Bonsall, CA 92003

Historic character • Upgraded in 2024 • Private well

New listings for sale in 92028

NEW 1 HR AGO3D WALKTHROUGH

$1,299,000

4 beds4 baths3,657 sq ft

1094 Hillcrest View Ln, Fallbrook, CA 92028

Panoramic views • Exceptional privacy • Quiet paved road

OPEN SAT, 1PM TO 3PM

$849,000

3 beds2.5 baths1,824 sq ft

1256 Olive Ave, Fallbrook, CA 92028

Wraparound deck • Full bathroom • Generous lot

$499,000

3 beds2.5 baths1,283 sq ft

308 Seedling Way, Fallbrook, CA 92028

Smart home features • Community pool • Lvp flooring

3D WALKTHROUGH

$1,070,000

4 beds3 baths2,596 sq ft

1514 Camino De Nog, Fallbrook, CA 92028

One story • Lawn areas • Mature trees

$499,000

2 beds2.5 baths1,185 sq ft

311 Satsuma Trl, Fallbrook, CA 92028

Smart home features • Usable loft den area • $560 HOA

$620,000

3 beds2.5 baths1,480 sq ft

35116 Lemongrass Ln, Fallbrook, CA 92028

Fully paid-off solar • Heated pool • Community garden

$1,650,000

4 beds4 baths3,098 sq ft

2280 Dos Lomas, Fallbrook, CA 92028

Large view deck • Avocado grove • Eat-in kitchen

$689,900

3 beds2.5 baths1,753 sq ft

35281 Persano Pl, Fallbrook, CA 92028

Owned solar • Low maintenance yard • Corner location

Compass

OPEN WED, 4:15PM TO 6PM

$1,550,000

4 beds3 baths3,203 sq ft

1691 Tecalote Dr, Fallbrook, CA 92028

Single-level living • Gated entrance • New hvac system

Details provided by SDMLS and may not match the public record. Learn more.

Download the Redfin App on the Apple App Store

Download the Redfin App from the Google Play Store

Join us

Become an Agent

Get referrals

Careers

Find homes faster

About us

Find us

Subsidiaries

Affiliated Business

Countries

United States

Canada

Updated September 2025: By searching, you agree to the Terms of Use, and Privacy Policy.

Do not sell or share my personal information.

REDFIN and all REDFIN variants, WALK SCORE, and the R logos, are trademarks of Redfin Corporation, registered or pending in the USPTO.

Redfin Brokerage Licenses

California DRE #01521930

Redfin is licensed to do business in New York as Redfin Real Estate. NY Standard Operating Procedures

New Mexico Real Estate Licenses

TREC: Info About Brokerage Services, Consumer Protection Notice

All mortgage lending products and information are provided by Rocket Mortgage, LLC | NMLS #3030; www.NMLSConsumerAccess.org. Licensed in 50 states. This site is not authorized by the New York State Department of Financial Services for mortgage solicitation or loan applications activities related to properties located in the State of New York.

Redfin Corporation is an affiliated business of Rocket Limited Partnership. Each company, and their subsidiaries, are separate legal entities operated and managed through its own management and governance structures.

If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at 1-844-759-7732.

REDFIN IS COMMITTED TO AND ABIDES BY THE FAIR HOUSING ACT AND EQUAL OPPORTUNITY ACT. READ REDFIN'S FAIR HOUSING POLICY AND THE NEW YORK STATE FAIR HOUSING NOTICE.

GreatSchools Ratings provided by GreatSchools.org.

Houses for rent in Fallbrook	Agents near me	Irvine, CA homes for sale	Fallbrook Housing Market
Houses for sale near me	San Diego, CA homes for sale	Fremont, CA homes for sale
Land for sale near me	San Francisco, CA homes for sale	Sacramento, CA homes for sale
Open Houses near me	Los Angeles, CA homes for sale	Fallbrook Property Records
Condos for sale near me	San Jose, CA homes for sale	CA New Listings

Temecula homes for sale
Oceanside homes for sale
Carlsbad homes for sale

About this home

Payment calculator

Affordability tools

See this home in person

Nearby open houses (10)

Interested in buying?

Around this home

Schools

Property details

Sale and tax history for 234 W Kalmia St

Public record

Climate risks

Historical weather

Sun exposure

Redfin Estimate for 234 W Kalmia St

Early Access listings

Nearby similar homes

New listings for sale in 92028

More real estate resources