One of the largest apartment complexes in Ocean Beach is now up for sale. The 64-unit, 3-story complex called Mar at Seaside at 2401 Seaside sits on one and a half acres.
Constructed in 1962, the huge complex dominates the northeastern edge of Ocean Beach and is comprised of 4 studio/one-bathroom units, 51 one-bedroom/one-bathroom units, and 9 two-bedroom/ two-bathroom units.
Owners claim it has a swimming pool, laundry facility, dog run, off-street surface parking, on-site maintenance and management services. Investors are enticed with claims that they can “reset rents by 7.5%, and gain an additional 20% by undertaking an interior, exterior, and amenity capital improvement program ….”
We better keep our eye on this property. Looks like the perfect spot for very HIGH high density project. How many stories ‘might’ be suggested? Every real estate sale is a possible “Gloria-fied” build. Whatever new exec. orders were pushed in PB to approve that 23 story build are just waiting for other projects.
You are so right! It’s a shame that we have to do exactly this, keep an eye on, stay on top of, investigate, etc. because the city doesn’t and doesn’t care about anything but revenue.
On another note
When was the last time an SFR was purchased by an individual, dare I say, a “F”amily? (smh) Should change that term to MCO – Multiple Corporate-Owned property.
Lived there in 1989. The rent was $560.00 for a 1 bedroom apartment. My car did get broken into 2 times in OB. Once at the complex and at the beach.
I know a few people who live in this building and the landlord they currently have is unsurprisingly shady. They were replacing some of the balconies for repairs without a permit, got caught, and are somehow stuck in a weird limbo. Now many units have screwed in plywood sheets keeping them from using the unsafe balconies while blocking a potential escape route for fires.
The building has sold a time or I think maybe two since I have near in the last 12 years. Same story as nearly all rental property owners: do cheap superficial upgrades, paint over problems and defer maintenance as much as possible, and raise rents. Then market building to other future schemer. The current owner was doing Air bnb for a while too but unsure if that has continued. Full-time residents in the building hated it for all the usual reasons.