REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 3,100,000
Est. payment | /mo
2,304 SqFt
$ 3,100,000
Est. payment | /mo
2,304 SqFt
Key Details
Property Type Single Family Home
Sub Type Com-Res Income
Listing Status Active
Purchase Type For Sale
Square Footage 2,304 sqft
Price per Sqft $1,345
MLS Listing ID 260009061
Property Sub-Type Com-Res Income
Property Description
The Union Street Bungalows offers a unique opportunity to acquire a fully renovated, historically designated 8-unit bungalow-style property in the core of Little Italy—one of San Diego's most dynamic and high-demand urban neighborhoods. The asset is currently operated as a short-term rental property and is supported by a transferable Conditional Use Permit (CUP), a highly limited entitlement within the neighborhood. With new approvals no longer being issued in Little Italy, this designation represents a meaningful barrier to entry and a significant advantage over competing properties. In addition, the property is subject to a Mills Act contract, which provides a reduced property tax basis tied to its historic designation. This structure results in materially lower operating expenses compared to similar assets, improving overall investment performance. The property was thoughtfully revitalized under the direction of Jonathan Segal, and reflects a cohesive blend of architectural character and contemporary functionality. The eight detached studio residences are arranged in a bungalow-style layout that prioritizes privacy and individuality—an uncommon feature in downtown multifamily properties. The site's configuration, with separate entrances and outdoor areas for each unit, supports a variety of operational approaches. Whether maintained as a short-term rental asset, repositioned toward furnished mid-term leasing, or operated as traditional multifamily housing, the property offers flexibility to adapt to evolving market conditions.
Location
State CA
County San Diego
Area Metro Central
Interior
Cooling Wall/Window
Fireplace No
Exterior
Parking Features None
View Y/N No
Building
Story 1
Others
Senior Community No
Tax ID 533-342-04-00
Listed by Bill Anderson, DRE#01441142 Acre Investment Real Estate
NEARBY SCHOOL & BUSINESS
GET MORE INFORMATION