234 W Kalmia Fallbrook, CA ^$ 9,060,000

234 W Kalmia

^$ 9,060,000

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Recently Listed

234 W Kalmia

Fallbrook, CA, 92028

^$ 9,060,000

Bedrooms58 Baths54.0 Sq 34,813

Monthly Estimate*

^$ 57,206

234 W Kalmia, Fallbrook, CA 92028 - Image 1

234 W Kalmia, Fallbrook, CA 92028 - Image 2

234 W Kalmia, Fallbrook, CA 92028 - Image 3

234 W Kalmia, Fallbrook, CA 92028 - Image 4

234 W Kalmia, Fallbrook, CA 92028 - Image 5

234 W Kalmia, Fallbrook, CA 92028 - Image 6

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234 W Kalmia, Fallbrook, CA 92028 - Image 9

234 W Kalmia, Fallbrook, CA 92028 - Image 10

Multi-Family Home for sale in Fallbrook, CA

for $9,060,000 with 58 bedrooms and 54 full baths. This home is 34,813 square feet.

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.

Multi-Family Active

Price

^$ 9,060,000

Bedrooms

Full Bath

Property Type

Multi-Family

Taxes

^$ 0

Style

Com-Res Income

Town/City

Fallbrook

County/Region

San Diego

MLS | Web ID

260022912

Features

Exterior

Parking Features Garages Spaces

Lot Size Area 0.0

Number of Buildings 3

Building Area Total 34813.0

Waterfront Y/N N

General

Construction Materials Drywall Frame Stucco

Year Built 0

Stories Count 2

Property Subtype Com-Res Income

Community Features Elevator

County San Diego

Operating Expense 415036.0

New Construction N

Property Type Residential Income

HOA N

Attached Garage N

Full Baths 54

Status ACTIVE

City Fallbrook

Senior Community Y/N N

Number Of Units Total 54

MLS Area North County

Lot Size Units Acres

Property Attached Y/N N

Structure Type Apartment

Building Area Units Sqft

Living Area Units Sqft

Standard Status Active

Freehold IDX

Interior

Air Conditioning Y/N N

Heating Y/N N

Fireplace Y/N N

Half Baths 0

Total Bedrooms 58

Total Baths 54

* Excluded Features

List By

Eric D Comer

Listing Agent

Eric D. Comer, Broker

Broker

(858) 369-3084

Phone

Affordability Calculator

$57,206

Per Month

Monthly Principal & Interest: $57,206
Monthly Property Taxes: --
Monthly Home Insurance: --

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Loan Term

Interest Rate

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Yearly Home Insurance

Default based on a 30-year fixed rate of 6.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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Nearby

Trends
Schools

Multi-family listings in Fallbrook, CA

Average List Price ^$2,504,375

Percent of Sale Price 72%

About Fallbrook, CA

33,184 Population

14% Since 2002

^$57,009 Median Income

35.56 Median Age

31% Households with Children

View more area information

Trends Information provided by ATTOM Data Solutions.

281193 Elementary School

281006 Middle School

Unknown High School High School

See complete school information

Pricing History

Date	Price	Price Change	Description
9/18/2026	$9,060,000		Listed Price

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234 W Kalmia, Fallbrook, CA, 92028 is a Multi-Family Home for sale at $9,060,000 with 34,813 sqft. 234 W Kalmia has 58 bedrooms and 54.0 baths. The property's zip code is 92028 which is in Fallbrook, CA

*Information deemed reliable but not guaranteed.

Financial calculator disclaimer: Default based on a 30-year fixed rate of 6.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

Listing data provided courtesy of The Internet Data Exchange Program of San Diego Multiple Listing Service, Inc.

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, Inc. 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.

Data is updated as of 9/30/2026.

CA BRE #019180026.

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234 W Kalmia

Multi-Family Home for sale in Fallbrook, CA

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