If you told me this was part of some swank new club rather than the yard of a residential low-rise, I’d be inclined to believe you.

When we take Unreal downtown, we usually wind up looking at a penthouse suite with commanding views of the city and San Diego Bay beyond. There’s a good reason for that: high-rise condos comprise most of the housing to be found in the city core. Aside from some historical Victorians hanging on around the fringes, most of downtown is either already built up or rotting away and waiting for a developer to rip down what’s left.

Today, however, I’ve got something a little different. Let me introduce you to the Jacaranda Lofts, described on Redfin as “a unique opportunity to own a sprawling New York-style industrial loft in East Village.” The building at 843 10th Avenue boasts four units in total — with a pair of them, A and B, being offered for sale as a package deal. Tax records show zoning for the combined 6000-square-foot space as commercial, with the listed use as retail shopping. But it’s listed for sale as a residential property, and that’s how we’re going to treat it.

An abstract mural graces the side wall, brightening an otherwise dull pay-to-park lot.

Our tour starts in the “exclusive outdoor haven featuring an outdoor kitchen, expansive decks, a refreshing shower, and a private jacuzzi.” From the first shot we see, this looks like a lush patio with lounge seating, a large L-shaped bar surrounding the kitchen area, clean faux (probably) rock walls, a bunch of green-tinted retractable glass walls, and tons of exposed wood in the ceiling and on the upper level. If you told me this was part of some swank new club rather than the yard of a residential low-rise, I’d be inclined to believe you.

Our next shot is of the upstairs, where we see the “striking 22-foot-high barreled ceilings” leading into an unfinished living area. Oh yes, I should mention that this is an estate sale; the seller never quite finished the build, so even though the buyer is going to have to lay out millions up front, there’s still a lot of work to be done before move-in.

There are outdoor staircases leading up, down, and all over the place, including to a handful of raised platforms and catwalks. It’s a maze-like arrangement that I assume serves to connect the two units, which means that you’ve got to go outside to get from one side of the home to another. We also see a pair of outdoor showers on an upstairs deck. They’re not sheltered from view in any way, and so I assume the only reason to use them would be before or after a dip in the jacuzzi tub downstairs. But that’s just me.

We then head out to the street for a few exterior shots of the building: a garage sits in between two entryways, and an abstract mural graces the side wall, brightening an otherwise dull pay-to-park lot. Now back inside, we’re looking at a huge hallway of a space, with a room off to the side that looks like it houses some commercial kitchen equipment and a bunch of construction supplies. I like the exposed brick wall, and could even be convinced that the exposed concrete is a fair choice if some artwork were added for color, but I don’t like all of the exposed wiring. This is probably something for a new buyer to remedy as part of finishing the remodel.

One of several artist’s renderings of what the finished space should look like.

Moving through the space, I’m struck by the fact that while there’s obviously some heavy construction ongoing, the home is still partially furnished. The patio is almost move-in ready, but scattered throughout the rest of the building are couches, a pool table, unhung artwork, even a Skee-Ball arcade game. Shouldn’t this stuff be tucked away in storage, or at least covered with plastic sheeting? Anyone who’s remodeled a house knows how dirty things can get, and I don’t want an inch-thick layer of drywall and/or concrete dust permeating my fancy leather sofa. Maybe it’s just there for staging.

We see an interesting spiral staircase that goes...somewhere, and in an otherwise unfinished bathroom, there’s a massive shower with a rainfall showerhead that looks great — but also looks like it shouldn’t have been installed until someone put a better finish on the ceiling.

Near the end of the listing, we get a few artist’s renderings of what the finished space should look like, eventually featuring “4 spacious bedrooms, 4.5 luxurious baths, a dedicated home gym, a home theater, a game room, walk-in pantry, and a separate laundry room, plus two primary suites. The finished masterpiece will include high-end contemporary finishes, walk-in closets, and a custom chef’s kitchen with top-of-the-line appliances.” The plans are reportedly all in place, just waiting for a buyer to pick up where the prior owner — listed in public records as a Matthew Hill of Michigan — left off. “Jacaranda Lofts is more than a property, it’s your canvas for a personal masterpiece,” the listing concludes.

The lofts last sold in 2013 and 2014 for a combined $3.5 million – that makes the current asking price of $3,750,000 seem downright reasonable when you consider all the work that’s been done. Then again, there’s a lot of heavy lifting left to do. If you buy this place, I’d really like to see it again when it’s finished.

843 10th Avenue | San Diego, 92101

Current owner: Hill Family | Listing price: $3,750,000 | Beds: 4 | Baths: 5 | House size: 6000 sq ft