234-242 Francis St, San Diego, CA 92102

Zorbas Huffman & Partners is pleased to present 234 S Francis Street, a 29-unit multifamily property located in the Logan Heights neighborhood of San Diego. The property is situated on a .7-acre lot, featuring sixteen (16) studios and thirteen (13) one-bedroom / one-bathroom units across 4 buildings. The property currently has 25 of the 29 units vacant providing an easy path to complete an interior and exterior renovation program. Recent improvements to the property include sewer replacement, gas plumbing replacement, new paint, water heaters, tile flooring, new windows, new bath, and lighting for select units. There is also the potential to add additional units or ADUs to the property by building on the undeveloped land to the south or converting ancillary rooms in the existing building.
The Logan Heights San Diego community is rich in cultural heritage, and burgeoning potential. The asset is ideally located in close proximity to the heart of Downtown San Diego, a Tier-1 employment center. A new Community Master Plan was recently adopted that aims to strengthen residents and businesses in the Greater Southeast San Diego neighborhoods. Coupled with an overall well-designed economic expansion of Downtown San Diego, the new community plan will bring major positive implications in the submarket over the next few decades. As major economic milestones are being reached nearby and submarket demand continues to increase, this opportunity presents investors the opportunity to capture market rental momentum. Notably, the DoD has just significantly increased basic housing allowances for active-duty Sailors in San Diego, effective October 1st, 2022, to combat rising housing costs.
234 South Francis Street provides investors with the rare opportunity to acquire a mostly vacant true value-add opportunity in one of San Diego’s fastest growing markets. With the ability to further drive returns through the construction or conversion of additional units.