Aerial golden-hour view of Golden Hill, San Diego, above 2434 Broadway St
Active · For Sale Golden Hill · San Diego, CA

2434–2438 Broadway
A restored 1932 fourplex, reimagined.

Four fully renovated residences and a private Airstream suite, set behind Tulum-inspired landscaping on one of Golden Hill’s most storied blocks — steps from Balboa Park.

Offered At
$2,950,000
Units
4 + Airstream
Cap Rate
4.75%
Building
2,810 SF
Contact Prem Advani View the Numbers ↓
Price / Unit
$737,500
GRM
16.0
NOI
$140,506
Lot Size
7,000 SF
Year Built
1932
Zoning
RM‑1‑1
The Property

Historic bones. A fully permitted, ground–up renovation.

Restored 1932 Spanish-revival exterior with red tile stairway entrance Private upstairs balcony framed by mature landscaping Bright interior entry with French doors opening to the garden
Golden Hill, Est. 1932

Set on one of the neighborhood’s most cherished historic blocks, this beautifully restored fourplex has been thoughtfully reimagined through a comprehensive, fully permitted renovation. Every effort was made to preserve the integrity and timeless character of the original architecture while seamlessly incorporating modern systems and finishes.

The original carriage house remains part of the estate, while the site of San Diego’s first courthouse sits just steps away — a rare setting where preserved architecture and modern living converge, framed by lush, Tulum–inspired landscaping.

Interiors

A closer look inside each residence.

Quartz waterfall islands, white oak flooring, and matte-black fixtures throughout — consistent, rentable, and turn-key from day one. Photos below mix our professional shoot with the ownership’s own in-place photographs of each unit.

The Front Building — 2 Bedroom / 2 Bath

Identical Layout, Upper & Lower

Both front-building residences share the exact same floor plan, one stacked above the other — quartz waterfall island, white oak flooring, and matte-black fixtures throughout. Shown here: our professional shoot of the upper unit alongside the ownership’s own photographs of the lower unit, the same layout finished the same way, twice.

Private balcony view through French doors, framed by mature trees
Balcony
Sunlit living room with French doors and white oak flooring
Living Room
Open kitchen and living area with quartz island
Kitchen
Kitchen island detail with marble counter and matte black fixtures
Kitchen Detail
Bedroom with large window and white oak flooring
Bedroom
Second bedroom with black-framed bed
Bedroom
Marble bathroom with glass-enclosed shower
Bath
Bathroom with dual vanity and marble tile
Bath Detail
Empty sunlit living room with wide-plank oak flooring, lower unit
Living Room — Lower Unit
Kitchen with white cabinetry and marble waterfall island, lower unit
Kitchen — Lower Unit
Marble bathroom with glass-enclosed shower, lower unit
Bath — Lower Unit
Bright living room with large windows, upper unit
Living Room — Upper Unit

The Brickhouse Unit

Exposed Brick & Private Balcony

Original exposed-brick walls left intentionally raw against white oak floors and black-framed windows — the property’s most distinctive residence, with its own private balcony.

Living room with exposed brick wall and black-framed windows
Living Room
Galley kitchen with stainless range and white cabinetry
Kitchen
Styled brick corner nook with potted plant
Detail
Bathroom with marble tile and glass shower enclosure
Bath
Marble countertop and matte black faucet detail
Kitchen Detail
Private balcony with plant and neighborhood view
Balcony

The Cottage

Same Finish Package

Finished to the same standard as the Brickhouse unit — white oak flooring, matte-black fixtures, and quartz counters. Photos below are of the Brickhouse unit’s matching finishes; unit-specific photography is in progress.

Living room with exposed brick wall, representative of the Cottage's finish level
Living Room
Kitchen with stainless range, representative of the Cottage's finish level
Kitchen
Bathroom with marble tile, representative of the Cottage's finish level
Bath
Private outdoor space, representative of the Cottage's finish level
Outdoor Space
Airstream trailer suite among a landscaped courtyard Outdoor lounge with string lights at dusk Fire pit lounge seating near the Airstream Evening view of the courtyard fire pit and lounge
A Fifth Income Stream

The Airstream Suite

Tucked into a Tulum–inspired courtyard of stone paths, string lights, and a communal fire pit, the property’s Airstream operates as a boutique short-term rental — a hospitality-style income line that a standard fourplex simply doesn’t have.

Structure
Nightly / STR
Avg. Contribution
~$1,500/mo
A Closer Look

Inside the Airstream.

Bamboo shades, a full galley kitchen, and a built-in dinette that folds into a second sleeping area — finished to a boutique-hospitality standard, not a stock trailer.

Airstream galley kitchen with sink and cabinetry
Galley Kitchen
Airstream dinette and lounge seating beneath a skylight
Dinette
Full-length interior view of the Airstream
Interior
Airstream kitchen counter and stovetop
Kitchen Detail
Airstream lounge seating with striped pillows
Lounge
Wide view of Airstream kitchen and dinette
Kitchen & Dinette
Shared Grounds

The courtyard.

Bamboo fencing, mature palms, a communal fire pit, and cabana-style lounge seating — the Tulum-inspired grounds every resident shares.

Pergola-covered fire pit seating area
Fire Pit Lounge
Cabana corner with palms and string lights
Cabana Corner
Hanging swing bench beneath a pergola
Swing Seating
Rattan lounge sofa seating area
Lounge
Stone garden path with statue and Airstream beyond
Garden Path
Wooden lounge chairs around a fire pit at dusk
Evening Fire Pit
For Investors

The numbers, in full.

Priced at a 4.75% current and market cap rate, with in-place rents already tracking to market — this is a stabilized, low-management-intensity hold in an appreciating, supply-constrained submarket.

Offering Price
$2,950,000
$737,500 per unit
Cap Rate
4.75%
Current & market aligned
GRM
16.0
Current & market aligned
Net Operating Income
$140,506
Annualized
UnitTypeTermCurrent RentMarket Rent
12 BD / 2 BA12 mo$3,800$3,800
22 BD / 2 BA12 mo$3,700$3,700
31 BD / 1 BAMonth-to-month$3,030$3,030
41 BD / 1 BAMonth-to-month$2,965$2,965
AirstreamSTR SuiteNightly~$1,500~$1,500
Total$14,995 /mo$14,995 /mo

Want to test different rents? Build your own rent roll →

Scheduled gross rent$179,940
Other income (parking)$3,000
Total income$179,341
Operating expenses (21.65% of EGI)−$38,835
Net operating income$140,506
Aerial view of Golden Hill's historic Spanish-revival rooftops
Historic Tax Incentive

Mills Act Eligible.

As a fully restored 1932 property on one of Golden Hill’s historic blocks, 2434–2438 Broadway is a strong candidate for California’s Mills Act — a property tax contract for qualified historic properties that reassesses tax based on the building’s income potential rather than market value. Toggle below to see the illustrative impact once a contract is approved.

Mills Act Not Yet Approved
Standard Annual Tax
 
Mills Act Annual Tax
—
Annual Savings
—

Estimate based on 1.1% of purchase price (city standard) against a 75%+ reduction typical of approved Mills Act contracts. Mills Act enrollment is not guaranteed, actual contracted values vary by property, and this is not tax advice — verify eligibility and savings with the County Assessor before relying on this figure.

Documentation

Floor plans

The front building’s two residences share an identical layout, one stacked above the other — shown here as Lower and Upper.

Floor plan of the front building's 2-bedroom, 2-bath unit, lower level
Front Building — Lower
Floor plan of the front building's 2-bedroom, 2-bath unit, upper level, identical to the lower level
Front Building — Upper
Run The Numbers

Your deal, your assumptions.

Reprice each unit’s rent, then adjust price and financing to see how the return moves — and how much of the building can shelter income through cost segregation. Everything starts at the actual listing figures.

Every unit’s rent below is editable — test a rent bump, a vacancy concession, or next year’s renewal, and see the gross roll move in real time. Your total flows straight into the Cash Flow Calculator tab.

UnitTypeMonthly Rent
Unit 1 2 BD / 2 BA $
Unit 2 2 BD / 2 BA $
Unit 3 1 BD / 1 BA $
Unit 4 1 BD / 1 BA $
Airstream STR Suite $
Gross Monthly Rent
 
Sum of all 5 units
Gross Annual Rent
 
Monthly × 12
Listing rent roll$14,995 / mo
Your rent roll 
Difference 

The Airstream figure is an averaged monthly contribution from nightly short-term bookings, not a fixed lease. Figures are illustrative — verify actual in-place rents with the offering documents.

 
$2.2M$3.6M
 
$8.0K$20.0K

Set automatically from the Rent Roll tab — drag to test a quick what-if instead.

 
10%40%
 
10%100% (cash)
 
3.0%10.0%
 
10 yrs30 yrs
Cap Rate
 
NOI ÷ purchase price
Net Operating Income
 
Annualized
Cash-on-Cash Return
 
Year-one, pre-tax
Debt Service Coverage
 
NOI ÷ annual debt service
 
Loan Amount
 
Down Payment
 
Monthly P&I
 
GRM
Total income (rent + parking) 
Operating expenses 
Net operating income 
Annual debt service 
Net cash flow 

Assumes $3,000/yr in additional parking income held constant. Figures are illustrative, not a loan quote — verify financing terms with your lender.

Cost segregation reclassifies pieces of the building into shorter-lived asset classes instead of writing the whole structure off over 27.5 years. Under current federal law, most of what gets reclassified qualifies for 100% first-year bonus depreciation — which is where the accelerated deduction below comes from. The breakdown is specific to this property; every assumption is adjustable.

 
$2.2M$3.6M
 
5%35% of price
 
0%25% of basis
 
0%30% of basis
 
0%100% (2026 rate)
 
15%50%
Estimated Impact
 
Additional year-one deduction, taxed at your rate — vs. standard 27.5-year straight-line depreciation on the whole building.
Depreciable Basis
 
Price minus land value
Year-1, No Cost Seg
 
27.5-yr straight-line only
Year-1, With Cost Seg
 
Bonus + accelerated MACRS
Additional Deduction
 
Year one only
Asset ClassRecovery% of BasisValueYear-1 Deduction
Land—  N/A
Personal Property5-yr   
Land Improvements15-yr   
Building Structure27.5-yr SL   
Total  
Illustrative only — not a substitute for an engineering-based cost segregation study, and not tax or legal advice. Accelerated depreciation defers tax rather than eliminating it; expect Section 1245/1250 recapture on sale. Bonus depreciation is a federal provision — California does not conform, so state depreciation and savings will differ. The 5-yr and 15-yr rows use approximate first-year MACRS half-year-convention rates (20% and 5%) on any non-bonus remainder. Confirm actual asset allocations and rates with a qualified cost segregation firm and your CPA.

5-Year Personal Property

  • Kitchen appliances — ranges, hoods, refrigerators, microwaves (×4 units)
  • Waterfall island cabinetry hardware & specialty millwork
  • Window treatments & blinds
  • Decorative and task lighting fixtures
  • Smart-access & security wiring
  • The Airstream suite itself

15-Year Land Improvements

  • Tulum–inspired landscaping & irrigation
  • Stone paver walkways & courtyard hardscape
  • Timber pergola structures over the lounges
  • Built-in fire pits & surrounding hardscape
  • Exterior string & landscape lighting
  • Fencing, gates & privacy screening

27.5-Year Structure

  • Building shell, foundation & clay tile roof
  • Interior framing, walls & staircases
  • Permanently affixed plumbing & electrical service
  • HVAC / mini-split systems
  • Windows & exterior doors
Location

Golden Hill & South Park

San Diego’s first prestigious neighborhood outside Downtown — preserved Victorian, Craftsman, and Spanish Revival streetscapes, minutes from Balboa Park and the urban core.

Golden-hour aerial view of Golden Hill rooftops Aerial view of tree-lined Golden Hill streets Aerial view toward the Downtown San Diego skyline
19K
Population
81
Walk Score
50%+
Bachelor’s Degree
37
Median Age
$95–100K
Median Income

Parks & Outdoor

  • Balboa Park
  • Golden Hill Park
  • Balboa Golf Course
  • Pershing Rec Center
  • Morley Field
  • 26th St Canyon Trail

Food & Beverage

  • Communal Coffee & Dark Horse Roasters
  • Turf Supper Club
  • Kingfisher & The Rose Wine Bar
  • Station Tavern & Il Posto
  • Matteo & Secret Sister
  • The Smoking Goat & Fernside

Everyday Living

  • Grocery Outlet & Target
  • South Park Fitness
  • Pilates of San Diego & Yoga Box
  • Easy freeway access
  • Blocks from Balboa Park
How We’re Marketing This Home

Built for maximum exposure — to buyers, investors, and the brokerage community.

Every listing from Advani Real Estate Group is marketed with the same institutional-grade package, whether it’s a single residence or an income property like this one.

01

Professional Photography

45+ edited interior, exterior, and lifestyle images shot for web, MLS, and print.

02

Aerial & Golden-Hour Imagery

Drone photography capturing the property, block, and skyline at dusk.

03

Cinematic Video

A full property walkthrough plus dedicated investment and property-management overview videos.

04

24-Page Offering Memorandum

A custom-designed investment package covering financials, unit mix, and area research.

05

Professional Floor Plans

Measured, to-scale plans for every unit on the property.

06

Targeted Syndication

MLS distribution plus direct outreach to our investor and broker network.