6 Unit Apartment on West Point Loma Sold for Over a Million Bucks

by on August 7, 2012 · 1 comment

in Economy, Environment, History, Ocean Beach, San Diego

Another apartment building in Ocean Beach has been sold.  The 6-unit two-story complex at 5029 West Point Loma Boulevard was sold for over a million bucks – $1,052,500 – to be exact.  The apartments consist of 4,483-square-feet within the  apartments with a total of 7 bedrooms and 12 bathrooms.

The building was originally built in 1976, and at that time, a large tree had to be cut down for the construction. (Back then, OB activists had a “Tree Watch” where people would assemble and protest any time a tree in OB was to be cut down, and the watch list was activated when the tree was felled.)

The new owners are Edwin and Jane Song, who live up in Oceanside, at 61 Hummingbird Lane, Oceanside 92057. The Songs bought the complex with a loan of $665,000 from JPMorgan Chase Bank.

Selling the apartments – which used to house a marijuana dispensary when they were legal – was Exeter Fiduciary Services LLC, as trustee for THT No. 00 7879. Exeter Exchange Management Corp. is the manager of Exeter Fiduciary, and William L. Exeter is president and chief executive officer of Exeter Exchange, with Suzanne M. Davis as vice president.

Twelve years ago, the same property fetched $550,000, with financing of $321,000.  And then in  March of 2008, the units were was sold for $1,425,000, with financing of $575,000 from Home Bank of California.  Apparently, there was a loss here when it was sold again this year – of nearly $400,000.

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avatar dave rice August 7, 2012 at 10:54 pm

I’ve watched this place for the last couple years – originally they were trying for $1.6 mil, so the sale price is actually surprisingly low. Back in the early 2000s a band called Middle Finger used to use one of the apartments to jam – I used to go score an armload of Icehouse tall boys at Pat’s and cruise over to hang out now and again…the dispensary eventually turned the Middle Finger pad into a customer lounge – I found it funny when I visited one time to find the place used for essentially the same thing (minus the cheap beer) years later.


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