Ten-Unit Apartment Complex on 5000 Cape May Sells for $2.8 Million

by on March 26, 2014 · 0 comments

in Economy, Environment, History, Ocean Beach

OB 5058 - 5072 Cape May stvuA ten unit apartment complex in the mid-5000 block of Cape May Avenue in Ocean Beach was just sold for $2.8 million.

Morena Properties Inc. bought the property at 5058-5072 Cape May Ave. (assessor’s parcel 448-102-04) from Kerry Sean McLoughlin. The development was initially constructed in 1951 on a 14,000 square foot lot.

The mainly one-story complex has neatly-trimmed lawns and feather palms out in the front, and totals 6,668-square feet of apartment that includes 15 bedrooms and 11 bathrooms.  A number of the units are over garages that front the alley.

OB 5058 - 5072 Cape MayThe complex had been sold about 8 and a half  years ago, in November of 2005 for $2,575,000.

Stoyan Gogov is s the president of Morena Properties Inc., listed at P.O. Box 910911, San Diego 92191.  It is reported that “the acquisition was financed with a loan of $11,625,000 from JPMorgan Chase Bank (NYSE: JPM).” [Ed.: perhaps there’s a decimal point off, but this is what was reported.] San Diego Daily Transcript (subscription)

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