4754-58 Bancroft Street San Diego, CA 92116

Nesbitt Bungalow Court w/Carriage House; a Developers Dream 1/2 block North of Adams, a unique historic Mills Act ready real estate portfolio add, or first time buyer move in w/supplemental income from 3 rentals w/ 1 as Air BnB (1 unit permitted). Multiple options exist on this lot - value add ADU/parking for an upgrade, Development Upside/Infill Opportunity Zone with SB 10 bonus density (current 5 units to new 10 units or more). Nestled in the super hip Normal Heights corridor between the 805 & 15 fwys, this 5 unit multifamily (individually metered with 4 water & 5 electric) has class and charm. Several 100k remodels completed over the past 18 years by former owners (architects) and current owner (real estate broker). Prestige continues with Mills Act (up to 80% reduction on property taxes), transform the carriage house (ADU w/parking underneath), or do nothing and move in! Recently restored/added: Foundations, Hot tub/Spa, community fire pits, individual unit washer/dryers, new hot water heaters, al fresco dining, fire pits, original hardwoods, redwood roofing/framing, custom milled cabinetry/built ins, craftsman collapsible ironing boards/hanging picture rails, interior fireplaces, covered front patios, large back communal and private side patios with separate entrances & new fences. Historic records show that this property was occupied by many military officers and influential San Diegans from 1920-1960's. Foundations restored 2021, attics/roofs insulation restored 2020, sewer pipe and sidewalks relined 2017, bathrooms and kitchens restored 2021, landscape and more!
Sarai & Paul of Johnson & Johnson Architecture have combined historic guidelines and data for Mills Act Registration to be submitted to the city for approval. Current owner has all findings and remodel/upgrade lists upon request. All bathrooms have new vanities, flooring, toilets, bidets, reglazed iron bathtub/shower combos and windows/vents. Kitchens have new stone and tile, flooring, and original milled custom cabinets/drawers with ironing boards and range ceiling venting, new hot water heaters. Even the old ice boxes (refrigerators) are still in place but have been repurposed for dry goods storage. No nook or stone unturned. Owner has added Italian style lighting on the eaves of the property, colors can be changed for holidays, special events and are on timers. Security cameras on exteriors of individual units patios and common areas (alleys and street included). 2 garage parking/Carriage House spots are currently used as storage.