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5049 Cape May Ave
San Diego, CA 92107 Ocean Beach

$5,400,000 USD

Apartments For Sale  •  9,458 SF

Property Details

  • Property Type Apartments
  • Total Building Size 9,458 SF
  • Lot Size 0.24 AC
  • Building Class C
  • Year Built 1964
  • Cap Rate 4.24 %
  • Zoning RM-2-4
30 Transit Score
70 Walk Score

Highlights

Pro Forma Cap Rate 5.92% | Market GRM 11.51
Immediate Upside – 4.80% Year One Cap Achievable Through AB 1482 Rent Increases with Additional Upside to Market
Strong Parking Ratio – 17 on-site spaces (5 tandem spaces in front and 7 single spaces in the rear)
Oversized Lot – Situated on a 10,633 Square Foot Parcel
Desirable Unit Mix – 12 units: six 1 Bed / 1 Bath and six 2 Bed / 2 Bath
High Demand Coastal Submarket – Strong tenant demand for beach-adjacent housing

Financial Summary (Actual)

Net Operating Income: $229,107 USD (2025)
Cap Rate: 4.24 %
Total Expenses: $130,547 USD

Public Transportation

Commuter RailDriveWalkDistance
Old Town Transit Center (Coaster - San Diego North County Transit District (Coaster/Sprinter/Breeze)) 9 min - 3.7 mi
San Diego (Santa Fe Depot) (Coaster - San Diego North County Transit District (Coaster/Sprinter/Breeze)) 12 min - 6.7 mi
AirportDriveWalkDistance
San Diego International 10 min - 5.3 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 7
Type: Surface
Included in Rent: Yes
Dylan Wright 619-255-3233 MD Real Estate Inc
Dylan Wright 619-255-3233 MD Real Estate Inc