Casa Del Monte Apartments in Ocean Beach sold for $3 million

by on August 23, 2011 · 5 comments

in Ocean Beach

Casa Del Monte apartments, at 4812 Del Monte.

By San Diego Daily Transcript / August 22, 2011

The 16-unit Casa Del Monte Apartment complex in Ocean Beach at 4812 Del Monte Ave., San Diego 92107, has been sold for $2.95 million.

The buyers were Virginia Wilmoth Beck, trustee of the James Alfred Beck and Virginia Wilmoth Beck Family Trust (50 percent); Richard J. Beck and Helen M. Beck, as trustees of the Richard and Helen Beck 2003 Trust; as the sole and separate property of Richard J. Beck, (25 percent) and Elaine Virginia Hornby (25 percent).

The acquisition was financed with a $1.14 million loan through J.P. Morgan Chase (NYSE: JPM), arranged through Andrew Gilligan and C.J. Donovan.

The property sellers (assessor’s parcel 448-272-28) were George N. Sherman and Sherman & Associates 59, with George N. Sherman as general partner.

David Shattles, of Real Estate Services Inc., represented the sellers. Joe Burrough, of Palma Commercial, represented the buyers.

Title Insurance was by Jamie Nalley and escrow services by Teresa McElaney, both of Chicago Title.

Casa Del Monte was built in 1971, consists of 10, two-bedroom, two- bath units ranging from 912 to 960 square feet; and six, one-bedroom units ranging between 676 and 680 square feet.

The two-level apartment totals approximately 12,794 rentable square feet and was constructed in 1971 on a 14,018-square-foot lot.

In January 2002, the property was sold for $1.99 million, with financing of $1.4 million from First Federal Bank.

In September 2004, the property was sold for $2.57 million with financing of $1.84 million, also from First Federal.

 

 

{ 5 comments… read them below or add one }

avatar unwashedwalmartTHONG August 23, 2011 at 10:26 pm

At $187500.00 per unit, it’s a bargain. Look for plans to raze & build.

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avatar mr.rick August 24, 2011 at 5:13 pm

When these apts were built in ’71 L was living at 4814 Del Monte. At the tme we were were paying $165 for the whole 3 bdrm house and garage. So I guess the price of real estate has gone up. When they start demolishing the Pit you

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avatar mr.rick August 24, 2011 at 5:17 pm

Whoops, pushed the wrong button.Any how from the pit to the dogs. You guys are familliar with the pit. When they start razing Santa Monica to Voltaire below Sunset Cliffs you will know the apocalypse has arrived.

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avatar OB Dude August 24, 2011 at 5:38 pm

The place looks like a jail. 3 mil and not very inviting!

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avatar mr.rick August 24, 2011 at 7:12 pm

Dude, I’m pretty sure that structure attracts lightening. Before any one moved in, we had a thunder storm and the thunder woke me up. I looked out the bedroom window just to see a fan of lightening as delicate as a Sea Fan except about 15 feet across.

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