FOR IMMEDIATE RELEASE
Tuesday, June 22, 2004


                      CALPROP ANNOUNCES SALE OF INTEREST IN
                               CALIFORNIA PROPERTY

              Sale of Contractual Rights on Approximately 60 Acres
                    Results in up to $9.0 Million in Proceeds

Marina Del Rey, CA, June 22, 2004 - Calprop Corporation announced today that it
has completed the sale of its contractual rights to purchase approximately 60
acres of undeveloped land in Southern California to a large publicly held real
estate development company. Calprop has spent the past 22 months in obtaining
permits, entitlements and other approvals needed to build on the property, and
these entitlements are included in the sale. The Company estimates that the net
sale proceeds will be approximately $9,000,000, which will be used to retire a
sizable portion of its debt.

         Victor Zaccaglin, Chairman, said, "We believe this transaction will
significantly improve our financial position and future operating results by
giving us the liquidity we need to pursue other development opportunities in
Southern California."

         Calprop Corporation, a California Corporation (OTC: CLPO.PK), based in
Marina Del Rey, California, builds quality homes in some of the most desirable
communities in both Northern and Southern California and Colorado.

         For additional information, please contact Mark F. Spiro at
mspiro@calprop.com or 310-306-4314, or visit www.calprop.com.

         This release contains forward-looking statements within the meaning of
the "safe harbor" provisions of the federal securities laws; all statements
other than statements of historical fact are statements that could be deemed
forward-looking statements, including, without limitations, statements regarding
the Company's financial position and future operating results. Actual future
operating results may differ from the results discussed or forecasted in the
forward-looking statements set forth in this press release due factors and/or
changes in the economic conditions of the various markets where the Company
maintains projects, including, but not limited to, increases in prevailing
interest rates, increases in real estate taxes, increases in the cost of
materials and labor, and the availability of construction financing and home
mortgage financing attractive to home purchasers, as well as other risks,
uncertainties and factors detailed from time to time in the Company's SEC
reports, which are available at www.sec.gov. The Company assumes no obligation
to update the forward-looking statements included in this press release.