5521 Rainbow Heights Road Fallbrook CA 92028 | MLS #V1-39305
Nearly two acres of elevated Fallbrook Heights land with no HOA, no restrictions on yourvision, and a turnkey 2015-built cottage ready the day you close — that is the opportunityat 5521 Rainbow Heights Rd. The 1.95-acre parcel sits in the Rainbow Heights corridor ofFallbrook, California’s legendary avocado and citrus country, where acreage with thiscombination of usable land, modern construction, and zero HOA constraints is genuinely rare. The 888 sq ft single-family residence, built in 2015 and in nearly new condition, provides a clean, livable anchor while you plan what comes next — whether that is anADU, an orchard, a hobby farm, outbuildings, or simply the privacy and elbow room that anear-two-acre elevated parcel delivers. The lot scale, the Fallbrook Heights topography,and the absence of HOA oversight are the story here; the move-in-ready cottage is thebonus. Gross rent estimate of approximately $3,716/month supports an investor or househack angle for a cash or portfolio-lender buyer. Cash buyers and land-savvybuyers with portfolio financing are best positioned. Verify all details independently.
Property Details
Price:
$749,000
MLS #:
V1-39305
Status:
Active
Beds:
1
Baths:
1
Type:
Single Family
Subtype:
Single Family Residence
Neighborhood:
92028fallbrook
Listed Date:
Oct 16, 2026
Finished Sq Ft:
888
Lot Size:
84,942 sqft / 1.95 acres (approx)
Year Built:
2015
See this Listing
Schools
Elementary School:
Fallbrook
Interior
Appliances
Microwave, Refrigerator, Tankless Water Heater, Dishwasher, Gas & Electric Range
Bathrooms
1 Full Bathroom
Cooling
Central Air
Flooring
Tile
Heating
Propane
Interior Features
Crown Molding, Ceiling Fan(s), Living Room Deck Attached, Open Floorplan
Laundry Features
Inside, See Remarks
Levels
One
Exterior
Accessibility Features
2+ Access Exits
Common Walls
No Common Walls
Community Features
Mountainous
Direction Faces
West
Fencing
None
Open Parking YN
1
Other Structures
Storage, Shed(s)
Parking Features
Asphalt, Driveway
Patio And Porch Features
Deck
Security Features
Carbon Monoxide Detector(s), Smoke Detector(s)
Spa Features
None
View
Ocean, Mountain(s), Trees/Woods, Rocks, Hills, Canyon, Panoramic
Window Features
Drapes, Blinds
Financial
Map
Community
- Address5521 Rainbow Heights Road Fallbrook CA
- CityFallbrook
- CountySan Diego
- Zip Code92028
Subdivisions in Fallbrook
Market Summary
Current real estate data for Single Family in Fallbrook as of Oct 21, 2026
197
Single Family Listed
86
Avg DOM
483
Avg $ / SqFt
$1,217,979
Avg List Price
Property Summary
- 5521 Rainbow Heights Road Fallbrook CA is a Single Family for sale in Fallbrook, CA, 92028. It is listed for $749,000 and features 1 beds, 1 baths, and has approximately 888 square feet of living space, and was originally constructed in 2015. The current price per square foot is $843. The average price per square foot for Single Family listings in Fallbrook is $483. The average listing price for Single Family in Fallbrook is $1,217,979. To schedule a showing of MLS#v1-39305 at 5521 Rainbow Heights Road in Fallbrook, CA, contact your Compass agent at 310.409.7242.
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Courtesy of My Realty Company, Inc.. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than Compass include the name of the listing broker. Neither the listing company nor Compass shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2026. California Regional Multiple Listing Service. All rights reserved.5521 Rainbow Heights Road
Fallbrook, CA