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We are pleased to present an exceptional opportunity to acquire a well-maintained, six-unit apartment community strategically located along the highly desirable border of Little Italy and Bankers Hill. Originally constructed in 1937, this three-story property combines timeless architectural character, stable in-place income, and an irreplaceable urban location in one of San Diego's most sought-after rental markets. The property features a desirable unit mix of four (4) spacious two-bedroom/one-bathroom residences averaging approximately 900 square feet and two (2) one-bedroom/one-bathroom residences averaging approximately 604 square feet. Three units have undergone interior renovations featuring updated kitchens, modern appliances, and upgraded finishes. Select residences also offer walk-in closets and sweeping views of San Diego Bay, Downtown San Diego, and Point Loma. Thoughtful capital improvements include dual-pane windows, newer appliances, updated interior finishes, and a premium Sully Jones roof with an existing warranty. Residents enjoy convenient on-site laundry facilities and a beautifully landscaped communal backyard, providing valuable outdoor space within this highly urbanized setting. Ideally positioned just blocks from Little Italy's acclaimed restaurants, cafés, shopping, and entertainment, the property offers convenient access to Balboa Park, UC San Diego Health, Scripps Mercy Hospital, and California Western School of Law. Its proximity to Downtown San Diego, San Diego International Airport, and major transportation corridors further enhances its appeal t A defining investment highlight of the offering is the inclusion of newly completed ready-to-issue (RTI) plans for four additional luxury townhome residences, creating a compelling opportunity to expand the existing sixunit community into a potential ten-unit residential asset. The proposed development consists of two three-story duplex buildings situated at the rear of the property, comprising four luxury townhomes totaling approximately 4,426 square feet. Each residence is envisioned to average approximately 1,100 square feet, incorporating contemporary architectural design and high-end finishes intended to complement the property's premier urban setting. Upon completion, the proposed development would increase the property's residential unit count from six to ten, representing a significant expansion of the existing rental community. The additional residences offer the potential to generate new rental income, enhance overall asset performance, and create meaningful long-term value. The property's location along the Little Italy and Bankers Hill border further strengthens the development opportunity. With convenient access to Downtown San Diego, major employment centers, renowned dining destinations, and cultural amenities, the proposed townhomes would benefit from the same desirable urban lifestyle and central connectivity that support demand for the existing residences. Combining a predominantly stabilized six-unit income-producing property with RTI plans for four additional luxury residences, the offering presents a distinctive opportunity to pursue substantial development upside while maintaining an established multifamily investment in one of San Diego's most desirable neighborhoods. Offering & Due Diligence Notes: Property tours available with an accepted offer only. Proof of funds and lender DU approval required, as applicable. Buyers to independently verify all development plans, permits, approvals, and property information.
Property Type(s):
Commercial
| Last Updated | 11/3/2026 | Year Built | 0 |
|---|---|---|---|
| Community | 92101 - San Diego Downtown | County | San Diego |
Additional Details
| AIR | Wall/Window Unit(s) |
|---|---|
| AIR CONDITIONING | Yes |
| AREA | 92101 - San Diego Downtown |
| CONSTRUCTION | Stucco |
| HEAT | Wall Furnace |
| LOT | 4792 sq ft |
| LOT DIMENSIONS | 0.11 |
Location
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Listed with Conor Brennan, Broker
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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