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2 Blocks to the Sand - Ocean Beach 4957 Cape May Ave 10 Unit Apartment Building $4,650,000 ($465,000/Unit) 2.73% Cap Rate San Diego, CA 92107
Investment Highlights
- Irreplaceable Coastal San Diego Real Estate - Ocean Beach
- (8) 1Bedroom/1Bathroom Units + (2) 2Bedroom/1.5Bathroom Units
- Onsite Laundry Facility & Ten (10) Off-street Parking Spaces
- 10 Spacious Units, 2 Blocks to the Sand
- Value-Add Opportunity w/ 60% Upside in Rental Income
- Walk to the Pier & Everything Ocean Beach Has to Offer
Executive Summary
Located in Ocean Beach, one of San Diego’s most desirable beach communities, the Cape May Ave Apartment Homes presents an investor with an amazing value-add opportunity. This clean and well maintained 10-Unit apartment complex boasts walkability to the beach and everything Ocean Beach has to offer. The property is situated on a 6,993sf parcel, and consists of eight (8) 1Bedroom / 1Bathroom 609sf Units and two (2) 2Bedroom / 1.5Bathroom 870sf Units. Tenant amenities include an extremely rare
1:1 parking ratio with ten (10) off-street parking spots, an onsite laundry room, and select units have balconies.
With 60% upside in rental income, this asset is perfect for a buyer looking for a premium coastal multifamily asset with substantial rental upside in an outstanding location.
1:1 parking ratio with ten (10) off-street parking spots, an onsite laundry room, and select units have balconies.
With 60% upside in rental income, this asset is perfect for a buyer looking for a premium coastal multifamily asset with substantial rental upside in an outstanding location.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$232,260
|
$32.27
|
| Other Income |
$1,140
|
$0.16
|
| Vacancy Loss |
$7,002
|
$0.97
|
| Effective Gross Income |
$226,398
|
$31.45
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,567
|
$13.83
|
| Net Operating Income |
$126,831
|
$17.62
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $232,260 |
| Annual Per SF | $32.27 |
| Other Income | |
|---|---|
| Annual | $1,140 |
| Annual Per SF | $0.16 |
| Vacancy Loss | |
|---|---|
| Annual | $7,002 |
| Annual Per SF | $0.97 |
| Effective Gross Income | |
|---|---|
| Annual | $226,398 |
| Annual Per SF | $31.45 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,567 |
| Annual Per SF | $13.83 |
| Net Operating Income | |
|---|---|
| Annual | $126,831 |
| Annual Per SF | $17.62 |
Property Facts
| Price | $4,650,000 | Apartment Style | Low-Rise |
| Price Per Unit | $465,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 2.73% | Building Size | 7,198 SF |
| Gross Rent Multiplier | 19.92 | No. Stories | 2 |
| No. Units | 10 | Year Built | 1972 |
| Property Type | Multifamily | Parking Ratio | 1.39/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RM-2-4 | ||
| Price | $4,650,000 |
| Price Per Unit | $465,000 |
| Sale Type | Investment |
| Cap Rate | 2.73% |
| Gross Rent Multiplier | 19.92 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 7,198 SF |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 1.39/1,000 SF |
| Zoning | RM-2-4 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $1,690 | 609 |
| 2+1.5 | 2 | $2,919 | 870 |
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Moderately walkable
70/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 448-201-31 | Improvements Assessment | $648,598 |
| Land Assessment | $1,461,823 | Total Assessment | $2,110,421 |
Property Taxes
Parcel Number
448-201-31
Land Assessment
$1,461,823
Improvements Assessment
$648,598
Total Assessment
$2,110,421
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2 Blocks to the Sand - Ocean Beach | 4957 Cape May Ave
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