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 Italyone of San Diegos 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 individualityan uncommon feature in downtown multifamily properties. The sites 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.