Urban Property Group (UPG), a real estate services firm specializing in urban and coastal commercial property, is proud to announce the sale of the mixed-use building known as the Lincoln Hotel for $2.55 million. The property, located at 534-536 5th Ave., is a historically designated Marker Number 60 in the Gaslamp Quarter.
The building, featuring four stories and approximately 14,503 square feet, is currently occupied by El Cabron Restaurant on the ground floor and 41 affordable housing units on the upper floors.
Lincoln Hotel Partnership sold the property with representation by Bill Shrader of UPG.
“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.”
The buyer, Cyrus and Emilia Investments, plans to renovate the affordable housing component of the property.
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.
On behalf of the seller, UPG has made a donation to the San Diego Brain Injury Foundation.
###
About Urban Property Group
Urban Property Group, Inc., (UPG), www.upgsocal.com are neighborhood experts from Downtown/Central San Diego to North County coastal. Founded by Bill Shrader in 1989, the team has over 100 combined years’ experience providing advisory, sales and leasing services to urban property owners. UPG understands the neighborhood dynamics that we work and live in and maintains close relationships with clients and tenants to create multi-dimensional communities. UPG offers more exact results to clients by allowing our 7 professionals to focus on their individual areas of expertise and unique neighborhoods. UPG also maintains a dedicated analyst and support system specific to urban commercial assets from retail to office and multifamily. Find us on our website and follow us on Instagram.