2629 Island Ave, San Diego, California 92102, San Diego, 92102 - 1 bed, 2 bath
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San Diego, California 92102
Analysis of 2629 Island Ave, San Diego, California 92102 is currently available with a list price of $550,000. The property maintains a Poor Condition Rating (30/100), indicating the property requires renovation and updates to maximize its market potential. This presents opportunities for value-add investors. Located in a high-demand neighborhood within the San Diego Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for Experienced Investors and Fix-and-Flip Specialists.
Property is extensive renovation needed.
Built in 1920, this historic property requires substantial rehabilitation due to outstanding code violations from recent remodeling work. The listing's requirement for cash or hard money financing and the mention of 'unknown costs' by previous buyers indicate significant defects that affect the property's legal habitability and safety standards.
As a designated historic property, this home is eligible for the Mills Act, providing the owner with significant annual property tax savings of approximately 40-60%.
The property has a demonstrated track record as a successful short-term rental, previously generating a robust gross income of $6,000 per month.
Ideally situated near the Little Italy and Bankers Hill corridor, the residence offers panoramic ocean and city light views within walking distance of downtown San Diego.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =0, other record lot size in square feet = 1521. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 1, other record bedroom count = 2.
The property was recently sold within the past year on 2025-04-15. The sold price is $455,000.00.
The property currently has unresolved code violations stemming from recent remodeling work, which the buyer must agree to resolve at their own expense and risk.
Baby Got Back on the market! Subject to cancellation of current escrow. The previous buyer's agent has notified us: "My client has decided to back out of the deal. Tried to make it work, but considering the amount of work and unknown costs, he decided to pull the plug. Historic Gem with Mills Act Potential Rare opportunity to acquire a designated historic property at 2629 Island Ave in the heart of San Diego's vibrant Little Italy/Bankers Hill corridor. This home offers significant upside for the right investor or owner-user. Key Highlights: Mills Act Eligible: Potential property tax savings of 40-60% annually through San Diego's historic preservation program Proven Income History: Former short-term rental generating $6,000/month gross income Prime 92101 Location: Walking distance to downtown, waterfront, restaurants, and entertainment Current Status: Property has outstanding code violations from recent remodeling work that must be resolved by buyer. Sold strictly AS-IS. Cash or hard money financing required - no conventional or FHA/VA loans. Ideal For: Experienced investors comfortable with code compliance issues Buyers seeking Mills Act tax advantages Those looking to restore a historic property to rental or primary residence This is a unique chance to own a piece of San Diego history while capturing substantial tax benefits. Property priced to reflect current condition and violation resolution costs. Serious inquiries only from qualified cash buyers.
No exterior & parking available.
Grades K-5 • 0.3 mi
Grades K-5 • 0.4 mi
Grades K-5 • 0.7 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 1.0 | 3.0 | 3% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 736 | 1,290.5 | 13% |
| Lot Size | 0.04 | 5,256 | 19% |
| Price | $550.0K | $800.0K | 6% |
| Price per sq ft | $747 | $775 | 44% |
| Built year | 1920 | 1953 | 19% |
| HOA | $0 | $0 | 50% |
| Days on market | 76 | 133 | 25% |
Mar 15, 2026
$550,000
$300,000
+83% Price Increase
Initial Listing
Feb 5, 2026
$300,000
Initial Listing
Apr 15, 2025
$455,000
Public Record
Nov 17, 2014
$367,000
Public Record
Jan 26, 2006
$353,500
Public Record