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… Read More 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. Read Less
Listing Snapshot
Days Online
12
Last Updated
Property Type
MixedUse
MLS Number
260009061SD
Additional Details
Building
7 buildings, Construction Materials: Stucco
Cooling
WallWindowUnits
Expenses
Operating: $308,716
Home Owner's Association
Association Fee: $0
Income
Gross ScheduledIncome: $500,000, Net Operating Income: $193,684
Taxes
Parcel Number: 5333420400
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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