First + Beech at 1428–34 & 68 1st Avenue and 1445 Front Street presents a unique covered land play opportunity to acquire a 119-unit Single Room Occupancy (SRO) hotel in the heart of San Diego’s highly sought-after Little Italy neighborhood. The property offers stable in-place income from an operating SRO asset, coupled with meaningful long-term repositioning and redevelopment upside. The property is zoned CCPD-RE with a CCHS Tier 1 overlay, providing enhanced development potential through increased density and FAR incentives. This positioning allows investors to capitalize on future redevelopment optionality, whether through adaptive reuse, density maximization, or a complete reimagining of the site.