8 Units on Santa Cruz Avenue in Ocean Beach Sell for $1.75 Milliion

by on January 19, 2013 · 2 comments

in Economy, Environment, Ocean Beach

The eight-unit apartment complex in Ocean Beach at 4819 Santa Cruz Ave., has been sold for $1.75 million.  The buyer was Alan Dehghan, who is trustee of The Alan Dehghan Trust.  The sellers were Candice Richard Fritschner, special administrator of The Estate of Walter Joseph Fritschner; and Thomas A. Lancaster and Marilyn J. Lancaster, trustees of the Lancaster Family Trust.

The two-story apartment structure is approximately 6,980-square-foot, and consists of 4 two-bedroom, two-bath units; 2 two-bedroom, one-bath units; and 2 one-bedroom units, with the average size of the units 873 square feet. There are balconies for all second-story units, and as the property is three blocks from the ocean, some units have ocean views. The lot includes eight on-site parking spaces. The property is assessor’s parcel 448-262-19.

The acquisition was financed with a loan of $960,000 from BOFI Federal Bank through Fred Ornelas, of Bank of Internet, and was part of the buyer’s 1031 exchange of beach community properties.

In that transaction, the Alan Dehghan Trust sold the eight-unit apartment in Pacific Beach at 1459 Hornblend St., San Diego 92109, for $1.7 million. That two-story, approximately 5,380-square-foot apartment (assessor’s parcel 423-181-09) was constructed in 1972 on a 6,251-square-foot lot. The apartment consists of 11 bedrooms and eight bathrooms. In October 1986, the PB property was sold for $585,000, with financing of $390,000 from California Savings & Loan.NAI San Diego represented Dehghan in the disposition of the PB property in October.

The selling broker was Michael Glickstein, vice president of NAI San Diego Commercial Real Estate. The listing broker was Nicole Van Dobben, of Pacific Southebís International.

{ 2 comments… read them below or add one }

avatar Susie January 22, 2013 at 10:45 pm

Well, now the gabage and recycling cans and all the debri and trash around them can go back on the property and not have the cans stored in the allley since there will be new owners who hopefully will care about OB and not just want the $$ generated from the rents. Take heed… this is OB, not the wooded area. We care about OB and the alleys too. We like a clean neighborhood here . Goodbye, JL.

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avatar Debra January 25, 2013 at 1:51 pm

I only wish more residents had the same attitude as you do. I walk my dogs twice a day around the block and am the ONLY one who bothers to pick up my dog’s p**p and trash I see all over the street–with trash cans in full sight(!!??) Very disheartening, when I see all the bumper stickers on vehicles declaring their “LOVE” for the beach.

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