Description

Premier Old Town investment opportunity featuring three existing units with additional development potential. Located directly across from San Diego’s Historic Old Town State Park at the base of Mission Hills, this rare Spanish-style property offers strong current income with significant upside in one of San Diego’s most visited and walkable neighborhoods. The property consists of three units across multiple structures. The primary residence is a spacious approximately 2,000 square foot Spanish-style home featuring 3 bedrooms(optional third bedroom or office) and two bathrooms. The home showcases classic architectural details including arched openings, wood flooring, and warm stucco finishes, while offering modern updates, an attached garage, and private outdoor space. At the front of the property is a well-maintained duplex, each unit consisting of a one-bedroom, one-bath layout. Both units feature private yard access, dedicated storage and laundry rooms, and potential garage parking. In total, the property offers three separately accessed garage spaces along with additional off-street parking. Utilities are separately metered, providing operational efficiency for long-term ownership. The site also offers excellent value-add potential, including the opportunity for ADU development, garage conversions, or additional units. The existing layout and lot configuration provide flexibility for investors seeking to increase income and maximize the property’s potential. With strong rental demand, proximity to Old Town’s historic attractions, dining, and transportation, and a location just minutes from Downtown, Mission Hills, and the waterfront, this is a rare opportunity to acquire a character-rich income property with both immediate cash flow and long-term upside.