A 10-unit, 2-story townhome apartment complex on Cape May Avenue has just been sold for $3,850,000 to a local multifamily investor.
The property at 4957 Cape May Avenue consists of eight (8) 1Bedroom / 1Bathroom units and two (2) 2Bedroom / 1.5Bathroom two-story townhomes — all on a 6,993 square foot lot.
Amenities for tenants include an onsite laundry facility, plus what the realty group providing the news calls “ample off-street parking spots, and a spacious floorplans.”
James V. Carter, Senior Managing Broker, and Angelo La Bruna, Senior Vice President of Apartment Realty Group (ARG) represented both the seller and the buyer in the sale.
The reality announced:
The property … is in one of San Diego’s strongest markets for rental demand offering walkability to the Ocean Beach Pier, local boutiques and iconic coastal restaurants.
Of course, they don’t mention that the Pier is closed and will never reopen.
More egregious than mentioning the pier is the “ample parking” of 4 spots for 10 units (and probably more than 15 vehicles). Too bad there aren’t any laws about false advertising.
Oh, never mind, don’t post that. There are actually 10 parking spots, so that is fair.
That is a telling drone-shot of the complex. It looks like a Core Civic project.
Not a tree or patch of green anywhere, no porches or balconies, and how many parking spaces for the number of units? I’m glad to see there are windows in the walls.