1133 Old Stage Rd, Fallbrook, CA 92028

Property Description

RENT SCHEDULE UP $15,000+! $3.7MM 3.05% assumable loan. The Kentucky is a fully renovated apartment community originally built in 1987 located in North San Diego County in Fallbrook, CA. Just minutes to downtown Main Avenue with tree lined streets, restaurants, shops and more, the location is prime. With easy access to employment along the I-78 Corridor (Oceanside to Escondido) 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 separated from the hustle and bustle of urban city life. The property is within close proximity to spectacular wineries/vineyards, wedding venues, golf, equestrian centers, airport/airpark and more. The property has undergone recent significant interior & exterior renovations of over $800,000 to 100% of the units including (but not limited to) new roof, new dual pane windows, exterior paint and stucco repair, asphalt, flooring, stainless appliances, in-unit washer/dryers, plank flooring, quartz counters, new cabinets, custom backsplash, new sinks & faucets, new bathrooms, and much more. The unit mix consists of primarily 2BR units (12 – 2BR/1BA & 6 – 1BR/1BA). The most recent rentals for each unit type reflect the market rent and through yearly rent increases and natural turnover, market rents are easily achievable with no additional renovations required. The vacancy rate in the city of Fallbrook is 1.8% (Costar) with no new construction of apartments in the pipeline. Contact agent for OM.