SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 8 - K


                                 Current Report
                     Pursuant To Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


       Date of report (Date of earliest event reported) : January 15, 2004


                               CALPROP CORPORATION
             (Exact name of registrant as specified in its charter)


        California                           1-6844              95-4044835
- -------------------------------     ------------------------ -------------------
(State or other jurisdiction of     (Commission File Number)  (I.R.S. Employer
incorporation or organization)                               Identification No.)

    13160 Mindanao Way, Suite 180, Marina Del Rey, California           90292
- -------------------------------------------------------------      -------------
    (Address of principal executive offices)                         (Zip Code)

   (Registrant's telephone number, including area code)  (310) 306-4314
                                                       ------------------

                                 Not Applicable
(Former name, former address and former fiscal year, if changed since last
report.)




ITEM 5.   OTHER EVENTS.

     On January 15, 2004, Calprop Corporation issued a press release announcing
its results of operations for the quarter ended June 30, 2003 and discussing
certain other matters. The press release is filed as an exhibit hereto.

ITEM 7.   EXHIBITS.

     The following exhibits are filed with this current report on Form 8 - K:

     Exhibit No.               Description

           99         Press Release dated January 15, 2004 issued by Calprop
                      Corporation



                                   SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.





                        CALPROP CORPORATION
                   By:   /s/ Mark F. Spiro                          .
                       ---------------------------------------------
                        Mark F. Spiro
                        Vice President/Secretary/Treasurer
                        (Chief Financial and Accounting Officer)
                        January 15, 2004


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