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Listed by Eric von Bluecher • Lee & Associates
$2,995,000
Est. payment /mo
0.49 Acres Lot
Active
5502 06 E University AVE San Diego, CA 92105
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRNDP2506649
Year Built 1950
Lot Size 0.491 Acres
Source California Regional MLS
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
Interior
Laundry Laundry Area
Exterior
Garage Spaces 15.0
Pool None
Others
Tax ID 4724100100
Special Listing Condition Not Applicable
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