Once again, the Keen Family Trust is in the news, having more of its Ocean Beach property sold off, via successor trusts.
This time, it’s 7 one-story detached cottages and five garages on the 5000 block of Voltaire Street. They include four 2,500-square-foot lots. Each cottage has its own front yard. They sold for $1.25 million in cash. Buying the units at 5073-5085 Voltaire was Voltaire Investments LLC, 1203 Activity Drive, Vista 92081.
The seller of the property (assessor’s parcel 448-121-03) was U.S. Bank as successor trustee of the Keen Family Declaration of Trust Number One, executed by Phyllis E. Keen and Kermit Keen, as trustees.
This is not the first property that the Keen Family Trust has sold of late. Successor trusts have been busy.
In August of last year, the Keen Family Trust sold a house and 3 apartment units on the end portion of the 5000 block of Santa Monica for $1.575 million.
Then in September it was announced the sale of a the 22-unit apartment complex the Keen Family Trust had owned, located at 5041 – 5043 Santa Monica Avenue for $4.75 million. The August and September sales totaled $6.3 Million for the trusts.
The new grand total – if anyone is counting – for the trust is now at least $7.6 million.
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I love those places. I lived at 5077 for awhile while Phyllis Keen was alive. Hands down my favorite place that I’ve ever lived. The last of us originals from that era has moved. The threat of higher rent and change in management caused him to not only leave the little place we’ve come to call: “Wonderland Corner” but he has moved away from OB altogether. I see that his and two others are up for rent. The sign has been there for awhile. Perhaps, I’ll find my way back there again.
Me thinks, “Better Hurry”!
They are back on the market $1,995,000 MLS 140058570 and the listing agent is touting them as vacation rentals!
Upon entering Ocean Beach from Highway 8, take the first right onto West Point Loma Blvd. Take a left on Abbott St to Voltaire.
5073-85 Voltaire Street consists of seven one-bedroom cottages and five one-car garages. The seven cottages are situated over four lots. Each cottage opens onto a grassy courtyard and enjoys yard space. The property includes five garages which are rented for an additional $200/month. The cottages include pitched composite shingle roofs, stucco exterior and raised subfloor areas. Each unit is separately metered for gas and electricity and includes an individual water heater. Large value add potential through vacation rentals during peak and long term renter off peak (Vacation rentals will increase rents by as much as 65% during peak months +$15,000 rents annually). Larger exit value add via condo mapping, City has pre-approved condo mapping property. Buyer responsible for all due diligence. Each parcel is approximately 25′ wide by 100′ deep. Subject property consists of 4 lots (10,000 sf) with 7 cottages and 5 garages. The perfect comp is the immediate 2 adjacent lots (5,000 sf) that sold for $600,000.
Weird, because I just spoke last week to the manager, who said they’re not on the market.
Frank
Can you tell me who the new manager was at that time a name or number would be awesome.
kim
I lived at 5077 back in the mid 70’s, was absolutely my favorite place I’ve ever lived too!
Interesting re-visit to this article from 2014. Did Tony Hawk flip these units?? The “Voltaire Investments LLC” referenced in the article was a vehicle organized by the CFO of his company, Tony Hawk Inc (Sandy Dusablon). Looks like they partnered with the Najjar’s of Cardiff seaside market. These places look nice now, and when I asked recently, they said they would be long-term rentals. Albeit very expensive 1br but long-term…supposedly.