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PRICE $3,100,000 BEDS 0 BATHS 0 HOME SIZE 2,304 sqft LOT SIZE n/a Request More Info Schedule a Showing

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.

This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS®. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation ©2026 San Diego MLS®, Inc.

Properties on this website was last updated as recently as 4/17/26 10:32 AM PDT.

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