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June 15, 2024
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MULTIFAMILY NEWS
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Historic Hotel Property in San Diego’s Gaslamp Quarter Trades for $2.55 Mil

5/01/23

In a historic property trade in downtown San Diego, Cyrus and Emilia Investments purchased a mixed-use building known as the Lincoln Hotel for $2.55 mil. The property, located at 534-536 5th Ave, is a historically designated Marker Number 60, located in the city’s Gaslamp Quarter.

The building, featuring four stories and approximately 14.5k sf of space, is currently occupied by El Cabron Restaurant on the ground floor and 41 affordable housing units on the upper floors.

The Lincoln Hotel is one of the early affordable housing Section 8 properties that were redeveloped in the mid-1990s in the Gaslamp Quarter. The building was initially used as a wine business on the ground floor with the hotel on the second through fourth floors.

The buyer plans to renovate the affordable housing component of the property. Bill Shrader of Urban Properties Group (UPG) represented the seller, Lincoln Hotel Partnership. On behalf of the seller, UPG has made a donation to the San Diego Brain Injury Foundation.

“This is a great location in Gaslamp, and with the upcoming Campus at Horton just two blocks from the property, it is positioned for future success,” said Shrader. “This was a unique opportunity for the buyer to acquire a storied property in San Diego while continuing to provide greatly needed workforce housing Downtown.”







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