Conditional string concatenation in PostgreSQL
The function concat_ws() does exactly what you want. The first parameter is used as glue between the rest. Nulls are ignored:

select concat_ws('//', owner_addr1, owner_addr2, owner_addr3)


Test:

red=# select concat_ws('//', 'abc', null, null, 'xx', null, 'xyz', null) 
          as address;
   address    
--------------
 abc//xx//xyz
(1 row)