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5049 Cape May Ave 12 Unit Apartment Building $8,202,600 CAD ($683,550 CAD/Unit) 3.69% Cap Rate San Diego, CA 92107
Investment Highlights
- Desirable Unit Mix – 12 units: six 1 Bed / 1 Bath and six 2 Bed / 2 Bath
- Strong Parking Ratio – 17 on-site spaces (5 tandem spaces in front and 7 single spaces in the rear)
- Value-Add Opportunity – Interior renovations provide the potential to significantly increase rents and enhance overall property value
- Large Units – Spacious floor plans compared to typical coastal inventory
- Oversized Lot – Situated on a 10,633 Square Foot Parcel
- High Demand Coastal Submarket – Strong tenant demand for beach-adjacent housing
Executive Summary
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.
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.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$505,198
|
$46.27
|
| Other Income |
$1,641
|
$0.15
|
| Vacancy Loss |
$15,156
|
$1.39
|
| Effective Gross Income |
$491,683
|
$45.03
|
| Taxes |
$102,625
|
$9.40
|
| Operating Expenses |
$86,107
|
$7.89
|
| Total Expenses |
$188,732
|
$17.29
|
| Net Operating Income |
$302,951
|
$27.75
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $505,198 |
| Annual Per SF | $46.27 |
| Other Income (CAD) | |
|---|---|
| Annual | $1,641 |
| Annual Per SF | $0.15 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $15,156 |
| Annual Per SF | $1.39 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $491,683 |
| Annual Per SF | $45.03 |
| Taxes (CAD) | |
|---|---|
| Annual | $102,625 |
| Annual Per SF | $9.40 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $86,107 |
| Annual Per SF | $7.89 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $188,732 |
| Annual Per SF | $17.29 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $302,951 |
| Annual Per SF | $27.75 |
Property Facts
| Price | $8,202,600 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $683,550 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.24 AC |
| Cap Rate | 3.69% | Building Size | 9,458 SF |
| Gross Rent Multiplier | 16.18 | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1964 |
| Property Subtype | Apartment | Parking Ratio | 1.27/1,000 SF |
| Zoning | RM-2-4 | ||
| Price | $8,202,600 CAD |
| Price Per Unit | $683,550 CAD |
| Sale Type | Investment |
| Cap Rate | 3.69% |
| Gross Rent Multiplier | 16.18 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 9,458 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.27/1,000 SF |
| Zoning | RM-2-4 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $2,922 CAD | 650 |
| 2+2 | 6 | $3,965 CAD | 925 |
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 448-101-41 | Total Assessment | $652,168 CAD |
| Land Assessment | $188,842 CAD | Annual Taxes | $102,625 CAD ($10.85 CAD/SF) |
| Improvements Assessment | $463,327 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
448-101-41
Land Assessment
$188,842 CAD
Improvements Assessment
$463,327 CAD
Total Assessment
$652,168 CAD
Annual Taxes
$102,625 CAD ($10.85 CAD/SF)
Tax Year
2025
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5049 Cape May Ave
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