1525 Union Street, San Diego, CA 92101

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.

Listing Status:

Active

Date Added:

April 16, 2026

Data Last Updated:

May 20, 2026 at 7:16AM

Listing Office:

Acre Investment Real Estate : 760-809-3626

Listing Agent:

Bill Anderson : 858-245-4887

MLS ID:

260009061SD

Interior

• A/C: Wall/Window Unit(s)
• Heating: None

Exterior

• Parking: Parking spaces: 0

Construction

• General: Stucco

Location

• HOA Amenities: 0.0
• Originating MLS: CRMLS_SAND
• County: San Diego

Lot

• Zoning: 5333420400

Financial

• Source: CRMLS_SAND