A mixed-use building in the Gaslamp Quarter has been sold for $2.55 million, according to a San Diego County real estate firm.
The Lincoln Hotel, featuring four stories and approximately 14,503 square feet, is currently occupied by El Cabron Restaurant on the ground floor, with 41 affordable housing units upstairs.
The property, at 534-536 Fifth Ave., is historically designated, holding Marker Number 60 in the Gaslamp.
Lincoln Hotel Partnership sold the property with representation by Bill Shrader of Urban Property Group.
“This is a great location in (the) Gaslamp, and with the upcoming Campus at Horton just two blocks from the property, it is positioned for future success,” Shrader said. “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 Section 8 properties 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, Urban Property Group, with offices in downtown and Encinitas, has made a donation to the San Diego Brain Injury Foundation.
