About 234 W Kalmia
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.
Features of 234 W Kalmia
| MLS® # | 260022912 |
|---|---|
| Price | $9,060,000 |
| Bedrooms | 58 |
| Bathrooms | 54.00 |
| Full Baths | 54 |
| Square Footage | 34,813 |
| Type | Residential Income |
| Sub-Type | Com-Res Income |
| Status | Active |
Community Information
| Address | 234 W Kalmia |
|---|---|
| Area | FALLBROOK (92028) |
| City | Fallbrook |
| County | San Diego |
| State | CA |
| Zip Code | 92028 |
Amenities
| Amenities | Elevator |
|---|---|
| Parking | Garages,Spaces |
| Is Waterfront | No |
| Has Pool | Yes |
Interior
| Fireplace | Yes |
|---|---|
| # of Stories | 2 |
Exterior
| Construction | Drywall,Frame,Stucco |
|---|
Additional Information
| Date Listed | September 18th, 2026 |
|---|---|
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
| Listing Office | Eric D. Comer, Broker |