224 29th Street, San Diego, California 92102, San Diego, 92102 - 3 bed, 1 bath
ACTIVE$795,000
224 29th Street, San Diego, California 92102
3Beds
1Bath
1,110Sqft
3,434Lot
Price Vs. Estimate
The estimated value ($586,546.16) is $208,453.84 (26%) lower than the list price ($795,000). This property may be overpriced.
Key pros and cons
Top Pros:
Income-Generating Duplex: The property is a cash-flowing 2-unit property, generating income from day one with a tenant already in place, offering immediate return on investment.
Top Cons:
Unpermitted Work/Unknown Permits: The rear unit's partial kitchen has 'permits unknown,' which could lead to legal complications, fines, or costly remediation for the new owner.
Compared to the nearby listings
Price:$795.0K vs avg $795.0K (+$0)50%
Size:1,110 sqft vs avg 1,250 sqft42%
Price/sqft:$716 vs avg $72349%
More Insights
Built in 1903 (122 years old).
Condition: Built in 1903, this property is over a century old, indicating that major systems (plumbing, electrical, roof, foundation) are likely very old and will require substantial repairs or replacement. While the front unit shows recent cosmetic updates like new laminate flooring, fresh paint, updated kitchen cabinets and countertops, and a mini-split AC unit, these are superficial improvements. The kitchen appliances are a mix, with an older-looking gas range. A significant concern is the rear unit's 'partial kitchen' with 'permits unknown,' which suggests potential code violations, safety issues, or costly remediation. The property's value is primarily in its land and development potential, rather than the current condition of the structures, which likely need extensive rehabilitation beyond cosmetic fixes.
Year Built
1903
Close
-
List price
$795K
Original List price
$795K
Price/Sqft
$716
HOA
-
Days on market
-
Sold On
-
MLS number
PTP2508437
Home ConditionPoor
Features
View-
About this home
Quaint home on corner lot with alley access and is just a short drive to Downtown SD, North Park and South Park. Property is zoned RM-2-5 [Front unit has 3 bedrooms & 1 bathroom. Rear unit is an attached unit and is a 2 bedrooms and 1 bathroom (square footage not included in the 1110 living area, currently tenant occupied, month to month, partial kitchen, permits unknown)]. Great for 1st time buyers, investors and developers. This is an incredible opportunity to own a cash-flowing 2-unit property that is generating income from day one. Zoned RM-2-5 with potential to build multiple units. Fully gated, rear parking for up to 3 vehicles, concrete pad. Buyer and buyer's agent to verify all.
Nearby schools
3/10
Kimbrough Elementary School
Public,•K-5•0.1mi
3/10
Burbank Elementary School
Public,•K-5•0.6mi
5/10
Sherman Elementary School
Public,•K-5•0.7mi
4/10
Rodriguez Elementary School
Public,•K-5•0.8mi
3/10
Emerson/Bandini Elementary School
Public,•K-6•1.2mi
7/10
Rowan Elementary School
Public,•K-5•1.6mi
4/10
Baker Elementary School
Public,•K-5•1.6mi
3/10
Chavez Elementary School
Public,•K-5•1.8mi
7/10
Chollas/Mead Elementary School
Public,•K-5•2.0mi
5/10
Balboa Elementary School
Public,•K-5•2.0mi
3/10
Porter Elementary School
Public,•K-6•2.5mi
4/10
Rancho de la Nacion School
Public,•K-6•2.8mi
5/10
Central Elementary School
Public,•K-6•2.8mi
4/10
El Toyon Elementary School
Public,•K-6•2.9mi
4/10
Logan K-8
Public,•K-8•0.5mi
3/10
Memorial Scholars & Athletes School
Public,•6-8•0.7mi
4/10
Golden Hill K-8
Public,•K-8•0.9mi
3/10
Perkins Elementary School
Public,•K-8•1.1mi
5/10
Roosevelt International Middle School
Public,•6-8•2.4mi
2/10
Knox Middle
Public,•6-8•2.6mi
3/10
Clark Middle School
Public,•6-8•2.9mi
4/10
National City Middle School
Public,•7-8•3.3mi
4/10
Granger Junior High School
Public,•7-9•4.2mi
4/10
Lincoln High School
Public,•9-12•2.4mi
5/10
Hoover High School
Public,•9-12•3.9mi
5/10
Sweetwater High School
Public,•9-12•4.1mi
4/10
Crawford High School
Public,•9-12•4.4mi
Price History
Date
Event
Price
05/09/23
Sold
$742,500
06/10/22
Sold
$675,000
12/04/15
Sold
$340,000
08/21/08
Sold
$165,000
04/22/04
Sold
$380,000
Condition Rating
Poor
Built in 1903, this property is over a century old, indicating that major systems (plumbing, electrical, roof, foundation) are likely very old and will require substantial repairs or replacement. While the front unit shows recent cosmetic updates like new laminate flooring, fresh paint, updated kitchen cabinets and countertops, and a mini-split AC unit, these are superficial improvements. The kitchen appliances are a mix, with an older-looking gas range. A significant concern is the rear unit's 'partial kitchen' with 'permits unknown,' which suggests potential code violations, safety issues, or costly remediation. The property's value is primarily in its land and development potential, rather than the current condition of the structures, which likely need extensive rehabilitation beyond cosmetic fixes.
Pros & Cons
Pros
Income-Generating Duplex: The property is a cash-flowing 2-unit property, generating income from day one with a tenant already in place, offering immediate return on investment.
Development Potential: Zoned RM-2-5, the property offers significant potential for developers to build multiple units, maximizing land use and future value.
Prime Location: Situated in San Diego, it's just a short drive to desirable areas like Downtown SD, North Park, and South Park, enhancing its appeal to residents and renters.
Versatile Buyer Appeal: The property is suitable for a wide range of buyers, including first-time homeowners looking for income, seasoned investors, and developers.
Practical Parking & Access: The corner lot with alley access and rear parking for up to 3 vehicles on a concrete pad provides convenient and ample off-street parking.
Cons
Unpermitted Work/Unknown Permits: The rear unit's partial kitchen has 'permits unknown,' which could lead to legal complications, fines, or costly remediation for the new owner.
Significant Overpricing: The listing price of $795,000 is considerably higher than the estimated property value of $586,546, suggesting a potential overvaluation in the current market.
Advanced Age & Potential Maintenance: Built in 1903, the property is over a century old, likely requiring substantial investment in updates, repairs, and replacement of aging systems.