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$2,795,000
Est. payment /mo
0.49 Acres Lot
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID NDP2508951
HOA Y/N No
Year Built 1950
Lot Size 0.491 Acres
Property Description
Aztec Canyon Apartments is a turnkey 10-unit multifamily asset located at 5502-06 University Avenue in the heart of San Diego's Complete Communities zone. Situated on a generous 21,344 SF lot with 12+ parking spaces, this fully renovated 5,875 SF property features a strong unit mix—one 3BR, three 2BRs, and six 1BRs—all upgraded with new windows, sleek modern finishes, A/C, vinyl plank flooring, premium appliances, and updated kitchens and baths. Two units are designated affordable. The site offers multiple income streams and future upside. An on-site billboard generates passive income, with its lease expiring in January 2025—creating potential for renegotiation or redevelopment. Zoned for mixed-use with 6.5 FAR, no height limits, and parking incentives under Complete Communities, the property is well-positioned for density bonus and infill expansion. An assumable Chase loan at a 3.34% fixed rate through March 2027 adds financial appeal. Preliminary studies and conceptual plans for 20 additional 1BR units and new rear parking are available. Other perks include on-site laundry (2 washers / 2 dryers) and utility billbacks. Whether you're seeking stabilized income, development opportunity, or both—Aztec Canyon checks all the boxes.
Location
State CA
County San Diego
Area 92105 - East San Diego
Zoning CC-5-3
Interior
Fireplace No
Laundry Common Area, Outside
Exterior
Pool None
Community Features Biking, Curbs, Dog Park, Fishing, Golf, Hiking, Lake, Park, Sidewalks
View Y/N No
Private Pool No
Building
Lot Description 36-40 Units/Acre
Story 2
Sewer Public Sewer
Others
Senior Community No
Tax ID 4724100100
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
Virtual Tour https://www.propertypanorama.com/instaview/crmls/NDP2508951
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Listed by Eric von Bluecher Lee & Associates evb@lee-associates.com
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