Six Unit Apartment on 5000 Block of Santa Monica in Ocean Beach Sells for $1.47 Million

by on January 22, 2014 · 3 comments

in Economy, Environment, Ocean Beach

OB Santa Monica 5074 airealA 6-unit apartment on the 5000 block of Santa Monica Avenue was just sold for $1.465 million.

The units – built in 1951 – are located at 5074-5080 Santa Monica and were sold to Marcia Lynn Matassa, successor trustee of The Mills Trust, 1526 Virginia Road, Fullerton 92831.

The improvements are  on a 7,000-square-foot lot about a block distance to the beach (assessor’s parcel 448-091-35).  The six units comprise approximately 3,446-square-feet of apartment floors that include 10 bedrooms and six bathrooms.

OB Santa Monica 5074 frontFour garages on the alley are recessed under the back units.

Matassa’s acquisition was financed with a loan of $835,000 from JPMorgan Chase Bank.

The seller of the property was 5074-5080 Santa Monica Avenue LLC, a California limited liability company. Thomas J. Bryan Jr. and David B. Bee are managing partners of the seller.

Last time the property was sold was in May 1984 for $350,000, with financing of $290,000.

(Source: The Daily Transcript – subscription)

{ 3 comments… read them below or add one }

avatar Tom Cairns January 23, 2014 at 8:55 pm

The best thing San Diego voters ever did was the 30 foot limit. If the Precise Plan-type ideas had gone into place, it would have been Miami Beach-style highrises from Turquoise St. in Pacific Beach to Santa Monica St. in OB.

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avatar Frank Gormlie January 27, 2014 at 4:20 pm

Right-arm, Tom!

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avatar fstued January 23, 2014 at 9:29 pm

absolutely. Thank you coastal commission

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