5077 Cape May Avenue - a 9-unit apartment.
San Diego Daily Transcript / January 12, 2012
The nine-unit apartment in Ocean Beach at 5077 Cape May Avenue, in San Diego 92107, has been sold for $1.52 million or $168,888 per unit.
The buyer was the Loftus Family Trust, with Harry R. Loftus Jr. and Margo A. Loftus as trustees, at 6118 Maple Ave., Lake Isabella 93240. The acquisition was financed with a loan of $640,000 from JPMorgan Chase Bank (NYSE: JPM), with Ann Block and Kristy Blair handling the loan.
The new owner plans to sustainably rehab the property and increase the income stream.
The sellers of the property (assessor’s parcel 448-101-34) were Dennis Abel Regan and Christine B. Hickman.
The buyer was represented by Gary B. Urtiaga, senior vice president of Apartment Realty Group (ARG). The sellers were represented by Jeff Solomon, of Major League Properties Inc. Title Services were provided by Toby Macfarlane, of Advantage Title Company. Escrow services were provided by Annemarie LoCoco, of Chicago Title.
The 7,000-square-foot apartment, built in 1969 on a 7,000-square-foot lot one-half block to the ocean, consists of one two-bedroom, two-bath unit; a pair of two-bedroom, one-bath units; and six one-bedroom units. The property has front and rear parking with additional storage on site.
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The property built in 1969 no doubt needs a facelift and the bones need to be updated….electrical , plumbing , heating , roofing etc……Good to see things like this happening to older out of date and most likely not current code compliant properties …Makes for safe neighborhoods.
Worth noting that a couple of names here are OB old timers. Harry Loftus lived on Niagara not far from Pomas for many years. The buyers rep Gary Urtiaga was a Brighton local until he moved to Long Branch (or Muir?)
Also worth noting that the Loftus family lived in one of their apartment buildings. I think they modified two apartmnets into a large one. He could have been one of those Patrician apartment owners that lived “up the hill.” Instead he chose to live with his tenants, and raise his sons right here in the hood.
Went to Pt Loma High with one of the Loftus sons – he was a year ahead of me I believe.