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2282-2284 Congress St 4 Unit Apartment Building $1,900,000 ($475,000/Unit) San Diego, CA 92110
Investment Highlights
- Prime Old Town Location
- Well Maintained with Major System Improvements
- Unique Spanish Style Design
Executive Summary
Rare Old Town San Diego offering featuring two duplexes on one parcel, located at 2282–84 Congress Street in the heart of one of San Diego’s most iconic and supply-constrained neighborhoods. The property consists of (4) 1BR-1BA units, each approximately 390 sq.ft., totaling 1,558 sq.ft. of building area on a 4,209 sq.ft. lot. Built in 1952, the property showcases charming Spanish-style architecture and a well-maintained courtyard setting.
The property is currently operated as a licensed short-term rental and is offered fully furnished, with furnishings transferring at close of escrow. The asset also offers flexibility for conversion to long-term rental use.
Significant capital improvements were completed in 2022, including roof structure repairs and full re-shingling of both buildings, attic insulation, installation of new mini-split HVAC systems in all units, upgraded electrical circuits and incoming power line, sewer clean-out installation, sidewalk repairs, new gutters, whole-property termite fumigation, and fresh interior and exterior paint throughout. Located within walking distance to Old Town San Diego State Historic Park, dining, shopping, and transit, and just minutes from Downtown San Diego, Mission Bay, USD, and San Diego International Airport. A unique opportunity to acquire a well-located, flexible-use asset in a premier San Diego submarket.
The property is currently operated as a licensed short-term rental and is offered fully furnished, with furnishings transferring at close of escrow. The asset also offers flexibility for conversion to long-term rental use.
Significant capital improvements were completed in 2022, including roof structure repairs and full re-shingling of both buildings, attic insulation, installation of new mini-split HVAC systems in all units, upgraded electrical circuits and incoming power line, sewer clean-out installation, sidewalk repairs, new gutters, whole-property termite fumigation, and fresh interior and exterior paint throughout. Located within walking distance to Old Town San Diego State Historic Park, dining, shopping, and transit, and just minutes from Downtown San Diego, Mission Bay, USD, and San Diego International Airport. A unique opportunity to acquire a well-located, flexible-use asset in a premier San Diego submarket.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$144,000
|
$92.43
|
| Other Income |
$6,672
|
$4.28
|
| Vacancy Loss |
$2,880
|
$1.85
|
| Effective Gross Income |
$147,792
|
$94.86
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$41,191
|
$26.44
|
| Net Operating Income |
$106,601
|
$68.42
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $144,000 |
| Annual Per SF | $92.43 |
| Other Income | |
|---|---|
| Annual | $6,672 |
| Annual Per SF | $4.28 |
| Vacancy Loss | |
|---|---|
| Annual | $2,880 |
| Annual Per SF | $1.85 |
| Effective Gross Income | |
|---|---|
| Annual | $147,792 |
| Annual Per SF | $94.86 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $41,191 |
| Annual Per SF | $26.44 |
| Net Operating Income | |
|---|---|
| Annual | $106,601 |
| Annual Per SF | $68.42 |
Property Facts
| Price | $1,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $475,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.09 AC |
| No. Units | 4 | Building Size | 1,558 SF |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 1952 |
| Zoning | C - Commercial | ||
| Price | $1,900,000 |
| Price Per Unit | $475,000 |
| Sale Type | Investment |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 1,558 SF |
| No. Stories | 1 |
| Year Built | 1952 |
| Zoning | C - Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Ceiling Fans
- Tile Floors
- Patio
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 390 |
1 1
Walk Score®
Very Walkable (89)
Property Taxes
| Parcel Number | 443-520-47 | Improvements Assessment | $685,539 (2025) |
| Land Assessment | $1,220,389 (2025) | Total Assessment | $1,905,928 (2025) |
Property Taxes
Parcel Number
443-520-47
Land Assessment
$1,220,389 (2025)
Improvements Assessment
$685,539 (2025)
Total Assessment
$1,905,928 (2025)
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2282-2284 Congress St
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