Centre City Bldg 233 A St 95,000 SF 59% Leased Office Building San Diego, CA 92101 For Sale

The Centre City Building presents a rare opportunity to acquire a designated historic high-rise in the heart of Downtown San Diego with an advanced adaptive reuse plan for residential conversion. Originally constructed in 1927 as the Medico-Dental Building and listed on the National Register of Historic Places since 1979, the property combines architectural character with a redevelopment strategy designed to capitalize on growing demand for urban housing in the city’s core.
The proposed project contemplates 159 residential units consisting of a mix of studio and one-bedroom apartments, including market-rate and moderate-income units. The building’s shallow floor plates and large operable windows support efficient residential layouts while preserving significant historic features. Plans are reportedly in the fourth plan check phase, providing prospective investors with a project that has progressed through a substantial portion of the entitlement and review process.
Located near San Diego City Hall, the Central Courthouse, Civic Center Plaza, and major downtown employment centers, the property benefits from immediate access to government, professional, retail, dining, and transit amenities. The surrounding downtown market continues to experience residential investment activity, including multiple proposed and under-construction multifamily developments. The location also provides convenient connectivity to Balboa Park, the Cortez neighborhood, Little Italy, the Gaslamp Quarter, and San Diego International Airport.
An additional component of the investment profile is the property's eligibility for the Federal Historic Tax Credit program. According to project materials, qualified rehabilitation expenditures may generate significant historic tax credit value, creating a potential source of project capital while supporting preservation of the building’s historic character.