By Michael Hernandez
With all of the ongoing major neighborhood shifts taking place in Ocean Beach, from the plan to replace the 60-year old Ocean Beach Pier to the addition of time limits and overnight closing to coastal parking, it’s easy to let some other changes in OB and Point Loma slip through the cracks. Here’s a look at five local properties up for grabs which could spell change for the communities in the near future:
Ocean Beach Upholstery – 4838 Voltaire St
The first of the five properties going up for sale is the long-standing local specialty shop Ocean Beach Upholstery, located in the heart of Ocean Beach at 4838 Voltaire St. Just three blocks from the beach, OB Upholstery has occupied the property for almost 50 years where it has specialized in custom marine/ auto interiors, and the restoration and replacement of soft tops, classic car seats, and boat covers. The property is currently being marketed as an approximately 3,800 square foot retail storefront on a 5,000 square foot lot. A marketing brochure from investment management company, Colliers, notes the “tenant is on a month-to-month lease allowing for an owner-user or investor to raise rent substantially”. Listed for sale alongside the upholstery shop is the adjacent property at 4826 Voltaire St. Built in the 1920s, the three-bedroom two-bath single family residence is also currently inhabited by a tenant on a month-to-month lease.
SunShine DayDreams – 4979 Newport Ave
The next OB property up for sale is none other than popular boutique SunShine DayDreams located just steps from the beach and one street north of Ocean Beach’s iconic pier at 4979 Newport Ave. According to their page on the Ocean Beach Mainstreet Association website, SunShine DayDreams is a family owned clothing store specializing in hippie, bohemian apparel, and tie-dye clothes, also offering coastal accessories, beach inspired jewelry, and gifts for the last 20 years. The site features a 1,916 square foot retail building plus a bonus studio that comes with off-street parking. The property is zoned as Community-Commercial (CC-4-2) which allows for a wide range of commercial uses.
The Ocean Beach Collective – 1852-1866 Bacon Street — Includes La Doña
Also up for sale is the coastal retail portfolio known as the OB Collective, primarily spanning 1852-1866 Bacon St. — which includes one of the OB’s top-ranked cantina-style Mexican restaurant, La Doña, which was established in 2020. The 25,797 square foot site consists of three buildings long-considered a community-hub. The collective is currently anchored by . Other tenants of the site include a dressmaker and a vintage clothing store. In the investment highlights of their listing on digital real estate marketplace, Crexi, the property is said to be fully leased and includes a parking lot managed by one of the country’s largest privately owned parking companies, LAZ. The highlights also note the property offers strong potential for future growth as it is positioned near the planned redevelopment of Ocean Beach’s pier starting in 2029.
Ocean Beach Commercial Building – 4870 Santa Monica Ave
The fourth OB property on the market we’ll be examining today is the office building located at 4870 Santa Monica Ave. Sitting on a 7,000 square foot lot, the property comprises a 4,802 square foot commercial building which includes roughly 15 parking spaces on the site. Like the property at 4979 Newport Ave, the Santa Monica Ave site is also zoned community-commercial (CC-4-2). This means any future owner could potentially redevelop the upstairs office space into residential units and build even more residential units in the parking lot. This property’s investment highlights points out this is the property’s first time on the market in decades, highlights the potential to develop ADUs, and discloses that all current leases are on a month-to-month agreement. Current tenants of the official building include the Tree of Life Metaphysical Books and Gift store and pediatric clinic Ocean Beach Speech Therapy.
California Dreams Hostel – 3790 Udall St
California Dreams Hostel was established in 2017 with a goal to foster a welcoming, community-oriented environment for backpackers, solo travelers, and international tourists to connect by offering affordable shared dorms and social activities including pub crawls and yoga classes. Over the years California Dreams Hostel has built a strong reputation for their guest service and affordable prices, attracting visitors from all over the world. Earlier this year, the 17-room, over 5,000 square foot hostel went up for sale. 
The hostel is being marketed as a true “triple net (NNN) income” opportunity with minimal landlord responsibility. In the world of investments, triple net income is the rental income both passive and predictable that a commercial property receives under a “triple net lease”, an agreement in which a tenant agrees to pay for both the rent and any ongoing expenses at the property. The property is master-leased through to the year 2032, which an investment report says provides “long-term, predictable cash flow”
