This is a UNIQUE Live/Work Loft in the Iconic El Cortez!
The historic El Cortez is located in Cortez Hill. It is the oldest building in downtown San Diego and dates back to 1927. The community was originally an iconic hotel, but was converted to a condo complex in 2004. The developer preserved the Spanish architecture, while replacing the plumbing, electrical, heating and air throughout the building.
*Listing Courtesy Of “Pacific Sotheby’s Int’l Realty”
El Cortez Condo For Sale:
- 1st Floor
- 2 Bedrooms + Den
- 2 Bathrooms
- 2 Parking
- 1,807 Square Feet
- Live/Work Loft with controlled Street Access
- High Ceilings and Open Floor Plan
- Offered at $775,000
- Homeowners Dues: $982/mo
- Mill’s Act Designation (Lower Property Taxes)
Why is this condo a great buy?
Live/Work lofts are very tough to find. Out of 185 active listings in Downtown San Diego, this is the only real live/work loft! In the last 12 months, I can only think of 3 sales in 92101 that had dual functionality. The potential here is huge!
The current owner is solely using this property as their office. The 1,807 square feet condo houses approximately 8 work stations, including 2 private offices. The space has the flexibility to be converted into an office space on the entry level and living space with a large master suite upstairs. The home could also be easily transformed into a large 2 bedroom townhouse, with the living dining and kitchen on the first level.
Since the property is designated as mixed use, there could be significant benefits for owners. For example, if you are a small business owner and you decide to run your office out of the space, there may be substantial tax benefits. This is perfect for occupations such as an accountant, architect, attorney, real estate professional, etc. I am not a CPA or attorney, so this should be verified prior to purchasing the property.