Old Town is a neighborhood of San Diego, California. It contains 230 acres and is bounded by Interstate 8 on the north, Interstate 5 on the west, Mission Hills on the east and Bankers Hill on the south. It is the oldest settled area in San Diego and is the site of the first European settlement in present-day California. It contains Old Town San Diego State Histori…Old Town is a neighborhood of San Diego, California. It contains 230 acres and is bounded by Interstate 8 on the north, Interstate 5 on the west, Mission Hills on the east and Bankers Hill on the south. It is the oldest settled area in San Diego and is the site of the first European settlement in present-day California. It contains Old Town San Diego State Historic Park and Presidio Park, both of which are listed on the National Register of Historic Places.