House and 3 Apartment Units on Santa Moncia Aveune Go for Over Million and Half Dollars

by on August 21, 2013 · 10 comments

in Environment, Ocean Beach

Santa Monica Ave 5063 n apts02A small, single-family house built in 1918 and three adjacent apartment-type units on Santa Monica Avenue in Ocean Beach just sold for over a million and  half dollars.

Santa Monica Ave 5063 n aptsThe units are next to the two story Santa Monica mall that contains Shades, Tower Two and other businesses  near the end of the 5000 block that runs into Abbott Street.

The nearly century-old house has approximately 772-square-feet, and is a one-bedroom/one-bath house and is at 5063 Santa Monica Ave. It was sold for $675,000, with financing of $328,000 from Flagstar Bank. (assessor’s parcel 448-092-06)

The three rental units (assessor’s parcel 448-092-05) – 5065-5059 Santa Monica – each with a side yard and parking in the alley were sold for $900,000, cash. They occupy a 7,000-square-foot lot.

Total price tag: $1,575,000.

Santa Monica Ave 5063All the properties were bought by Ku-Fong Tzung and Jean Tzung, trustees of the Fu-Kong & Jean Tzung Trust, 12843 Grimaldi, Del Mar 92014.   And the seller was U.S. Bank N.A., as successor trustee under the Keen Family Declaration of Trust Number One.

From The Daily Transcript (subscription)

{ 10 comments… read them below or add one }

avatar Smitty August 21, 2013 at 12:15 pm

I know that plot has had quite a bit of interest recently. Let’s hope those houses don’t disappear.

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avatar Judith Wesling August 21, 2013 at 5:01 pm

I am sure this site was bought for redevelopment – what is the underlying zoning?

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avatar liveinob August 21, 2013 at 1:33 pm

for that price it will be hard to keep the places as they are now, which is sad!
the owner of my rental (4 small termite infested cottages) is trying to get $1400.00 with NO parking for a 1 bedroom, the bonus is there’s a part of a tree growing in the closet! my landlords keep hinting that something is going to happen and I don’t think it’s going to be good, it’s too bad, but as long as people will pay that rent, the rest of us will have to move. I’ve been at my place for 10years and keep the area very clean & pretty, I always tease the neighbors that they are very lucky to have a quiet neighbor and they don’t have to see red cups, rusted junk or old kegs littering the place!
it makes me sad, but the owners all over OB are getting very greedy

please keep me anonymous, I don’t want my rent to go up :(

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avatar Catsmom August 21, 2013 at 2:13 pm

That location and that selling price? There is no way those houses will stay.
BTW, the houses at 2150-2154 Abbott, the vacant lot next to them, and the small house next to the lot on Muir are in escrow. The buyer is a developer who plans to level everything and build 9 townhouse type condos.

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avatar John August 27, 2013 at 1:52 pm

Don’t know whether to feel sad about that or not, I just want to know why in the hundreds of times I’ve walked by there I’ve never seen kids playing baseball or football in that little field. What do kids do nowadays, sit closed up in their rooms playing video games or something?
Oh yeah.
It’s helpful to realize that whatever you are living in, no matter how old or new, it exists because someone bought the land and developed it- and probably pissed off someone nearby who didn’t like change. We’d all like our own islands, wouldn’t we?

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avatar Old Hermit Dave August 21, 2013 at 4:32 pm

THANK THE RAINMAKERS DAY
A Poem By
Cowboy Wordsmith
8/21/13

Cowboy music best describes life in OB
Old stuff you remember, not just new to see

So let me ask everyone on this happy OB day
Join me in wishing all a happy rainmaker day

Because rainmakers are responsible for what we see now
They helped make sure not just big buildings we say wow

OB is not home of the Amusement Park Association
Just one old house on Brighton a historical creation

Instead OB is the oldest laid back Beach town in San Diego
So grab a BEER, close umbrella give Rainmakers A yea GO

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avatar Kenloc August 23, 2013 at 8:56 am

The block is zoned commercial/residential. They could use that lot for many purposes.

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avatar John August 27, 2013 at 1:38 pm

$675k for a one br. SHACK? (that might rent for $1400 if comparable to that described by another reader)
Sick! I guess not much sicker than the expectation its owner, should they decide to develop the property, must build something resembling what was built in 1918.
I can’t imagine anyone buying this property with the intent of merely renting it out at market value.
I’ve a marvelous idea for a business venture there, given its location. A business loosely based on paintball guns and adults engaging in mock warfare, that serves lots of alcohol, but instead of paintball guns they use MARSHMALLOWS!

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avatar rchalmers3 March 14, 2014 at 8:27 pm

My wife Heidi had lived for a few years in the one bedroom house when I met her in 2000. We liked the place so much that after we moved, we went back and bothered the new tenants every few years for a look!
Phillis and Kermit Keen were good people and good landowners. They were also my clients when I operated Sunset Garage, up the block on the corner of Bacon and Santa Monica. I recall they lived a block up Narragansett from Dana, and I wonder if that property will sell as well.

I hope their family does well with the substantial real estate wealth Kermit and Phillis assembled.

Rick Chalmers

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avatar rchalmers3 March 14, 2014 at 8:39 pm

Oh, and I think that one bedroom is/was very old. There was some old wiring up in the attic that was configured like the cabling you see on old train tracks: the power wires were strung in parallel on glass or ceramic insulators spaced periodically along the rafters. The door and window framing was not made like you usually see, with studs lining the opening, instead doors and window openings were cut into the board and batten walls wherever it served the need. And the kitchen and bath were added onto the original construction at a later time from the first construction.

All of these details suggest to me that the house was constructed at the turn of the century (no the other turn!) There are some old photos of OB that are taken from the bluff where is now the base of the pier, oriented to the North East. If you look closely at the old photos, you will see her old house on top a small sand pile, somewhat by itself and before the kitchen and bathroom were added. I guess indoor plumbing was coming to the area shortly!!!

Rick Chalmers

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