5049 Cape May Ave, Ocean Beach (OB), CA 92107

Property Description

The Palms on Cape May is a 12-unit coastal apartment community located one block from the Pacific Ocean in San Diego’s highly sought-after Ocean Beach submarket. The property offers investors a rare opportunity to acquire a well-located asset with spacious units, strong in-place income, and meaningful rental upside through interior improvements. The property has been well maintained and provides investors with stable in-place income along with potential rental upside through strategic interior upgrades. With spacious units and strong tenant demand for beach-adjacent housing, the property is well positioned for continued long-term performance. Residents benefit from 17 on-site parking spaces, including five tandem spaces in the front of the property and seven single spaces in the rear, a valuable amenity in this highly walkable coastal neighborhood where parking is often limited. Located just steps from Newport Avenue, tenants enjoy walkable access to Ocean Beach’s vibrant mix of restaurants, cafés, retail shops, and neighborhood amenities. The Palms on Cape May presents a rare opportunity to acquire a well-located multifamily asset in one of San Diego’s most sought-after beach communities.