We are thrilled to present an exceptional investment opportunity at 3121 Emerson St, in the desirable Roseville neighborhood of Point Loma, San Diego. This 3-unit complex features a 2 Bed / 1 Bath house, a 1 Bed / 1 Bath unit, and a non-conforming Studio / 1 Bath that can be converted back into a third bedroom for the main house. The current owner maintains top-of-market rents through mid-term furnished leases. All units have been extensively renovated with new stainless-steel appliances, updated kitchens, bathrooms, and in-unit laundry for the 1 and 2-bedroom units. Each unit has a private entrance, and the main house includes an attached single-car garage. With a Walk Score of 86, the property is just four blocks from Shelter Island. The base zoning RM-3-7 allows a FAR of 1.8, enabling up to 9,162 square feet of construction for roughly 7-10 units. For more ambitious development, leveraging San Diego's Coastal Zone and Coastal Height Overlay Zone increases FAR to 2.5, permitting up to 12,725 square feet and the potential to build 5-15 units. This flexibility offers significant value for strategic investors. The seller is willing to JV the property with the right buyer to capture the full development potential of the property. The home is exquisitely furnished with high-end furniture, and it can be sold furnished, depending on the purchase price. This is an exceptional opportunity for those looking to invest in a truly remarkable property in a prime location.