Four Unit Complex on 4900 Coronado in Ocean Beach Sold for $1.5 Million

by on December 12, 2014 · 4 comments

in Economy, Environment, Ocean Beach

A four-unit complex on the 4900 block of Coronado Avenue in Ocean Beach has just been sold for $1.5 Million.

The complex at 4947-4951½ Coronado Ave. consists of a main house with 4-bedrooms and 2 baths, plus one 2-bedroom, 2 bath house, and then a pair of one-bedroom units. “The Coronado Avenue Apartments”, built in 1951, at assessor’s parcel 448-161-09, is a 7,000-square-foot lot.

Thomas R. Lowe and Sarah L. Lowe were the sellers of the property, trustees of the Lowe Family Trust and of the Thomas R Lowe and Sarah L. Lowe Charitable Remainder Unitrust.

The actual buyer is hidden away under the Coronado 4 LLC, with address as 1261 Redwood Lane, Lafayette, CA 94549.

Of course, it’s not known what the new owner plans to do with this large lot close to beautiful Sunset Cliffs. Will the nearly 65 year-0ld buildings be rehabbed, or will they be demolished and replaced with a 3-story gargantuan?

OB Coronado 4947 frontcloseThis property is in District 5 of the OB Planning Area, and Board members Jane Gawronski and Michael Nieto represent the district.  If you are interested, dear reader, in what happens to this lot, please contact the OB Planning Board and inform them you wish to remain updated about its progress.

According to the Daily Transcript:

The buyer was represented by Bill Anderson, principal of ACRE Investment Real Estate Services. The seller was represented by Brain Raynoha and Norm Root, also of ACI. Escrow services were provided by Teresa McElaney, of Chicago Title. Cameron Aldrich, also at Chicago Title, provided the title insurance.

The San Diego Daily Transcript (subscription)

{ 4 comments… read them below or add one }

Susie December 12, 2014 at 1:36 pm

OB Planning board link , ” Not Found”.

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Frank Gormlie Frank Gormlie December 12, 2014 at 2:00 pm

Susie, I just tried it and it works, both links are good.

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Nita December 12, 2014 at 2:13 pm

Can’t make the link work either…..I live in the neighborhood and hope and pray we don’t end up with yet another behemoth in the ocean block.

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Frank Gormlie Frank Gormlie December 12, 2014 at 3:25 pm

Okay, Susie and Nita, try it now; I changed it.

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