Apartment Realty Group sells Ocean Beach 10-unit apartment community for $3.85 million
Apartment Realty Group brokered the $3.85 million sale of a 10-unit multifamily property at 4957 Cape May Ave in Ocean Beach, San Diego. The deal highlights continued investor demand for coastal value-add assets in one of the city’s strongest rental markets.
Why it matters: - The sale shows continued demand for small coastal multifamily properties in Ocean Beach, a neighborhood with strong rental appeal. - The buyer is a local multifamily investor, signaling ongoing interest in value-add assets that can be improved over time.
What happened: - Apartment Realty Group represented both the seller and the buyer in the sale of a 10-unit apartment community at 4957 Cape May Ave, San Diego, CA 92107. - The property sold for $3,850,000. - James V. Carter, senior managing broker, and Angelo La Bruna, senior vice president, handled the transaction. - The closing followed a marketing process that produced multiple offers, according to Carter.
The details: - The property is described as a value-add multifamily asset in Ocean Beach. - The building includes eight 1-bedroom/1-bath units and two 2-bedroom/1.5-bath two-story townhomes. - The site sits on a 6,993-square-foot lot. - Tenant amenities include an on-site laundry facility, off-street parking, and spacious floor plans. - The location is near the Ocean Beach Pier, local boutiques, and coastal restaurants. - Apartment Realty Group is based in Solana Beach, California.
Between the lines: - Coastal properties with walkable neighborhood access tend to draw investors looking for stable rental demand and upside from renovations. - The multiple-offer result suggests pricing and location aligned with active buyer interest in the area.
What's next: - The new owner is expected to pursue improvements to the property. - Apartment Realty Group will likely continue marketing similar small multifamily assets in San Diego’s coastal submarkets.
The bottom line: - A 10-unit Ocean Beach property changed hands for $3.85 million, underscoring investor appetite for value-add coastal apartments in San Diego.
Disclaimer: This article was produced by AGP Wire with the assistance of artificial intelligence based on original source content and has been refined to improve clarity, structure, and readability. This content is provided on an “as is” basis. While care has been taken in its preparation, it may contain inaccuracies or omissions, and readers should consult the original source and independently verify key information where appropriate. This content is for informational purposes only and does not constitute legal, financial, investment, or other professional advice.
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