Marcus & Millichap is pleased to exclusively present for sale the Jasmine Inn Apartments, a multifamily opportunity in downtown San Diego's burgeoning East Village neighborhood operating as an 85-room SRO/hotel. The three story building, constructed in 1920, retains much of it's original character though documentation has been provided showing that there is no historical significance. The building is comprised of all SRO or 'single-room occupancy' units - rooms that are partially furnished with beds and dressers and share amenities such as bathrooms and kitchens. An on-site front desk concierge manages the operations and leasing, and rooms are rented daily, weekly, and monthly.
The offering includes the building improvements plus the adjacent parcel, currently used for parking, for a total lot size of 10,932 SF. The lobby area on the ground floor has an entrance and a small office and elevator. The building has four full bathrooms, three half-baths (toilet and sink), and one shared kitchen. In-room amenities include a flat-screen television, mini-refrigerator and some miscellaneous furniture. The property also features a laundry facility and dedicated parking lot with fifteen parking spaces. The plumbing, wastelines, and some of the bathroom finishes were recently updated.
