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$2,995,000
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 NDP2506649
HOA Y/N No
Year Built 1950
Lot Size 0.491 Acres
Property Description
The Aztec Canyon Apartments at 5502-06 University Avenue is a fully renovated 10-unit multifamily property totaling approximately 5,866 rentable square feet, situated on a large 21,344 SF lot with over 12 parking spaces. Built in 1950, the unit mix includes one 3 Bed / 1 Bath unit, three 2 Bed / 1 Bath units, and six 1 Bed / 1 Bath units. All units have been extensively upgraded with new windows, modern finishes, updated kitchens and bathrooms, vinyl flooring, high-end appliances, and in-unit A/C. Two units are designated affordable. The property includes on-site laundry (2 washers / 2 dryers), and tenants are billed back for select utilities. There is an income-generating billboard on-site with the current lease expiring January 2025, presenting an opportunity for increased passive income. The property falls within the Complete Communities Housing Plan, offering 6.5 FAR, no height restrictions, and parking relaxation incentives for potential future development. Additionally, the Community Plan designates the site under mixed-use zoning: Residential: 11–15 DU/AC Commercial/Mixed-Use: up to 29 DU/AC, with potential bonus density up to 43 DU/AC where residential is permitted. An assumable Chase loan at a 3.34% fixed rate through March 2027 is in place. Preliminary plans for 20 additional 1 Bed / 1 Bath units and new parking in the rear are available, along with a slope study, soil report, and topo survey.
Location
State CA
County San Diego
Area 92105 - East San Diego
Zoning CC-5-3
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Biking, Curbs, Dog Park, Golf, Park, Street Lights, Sidewalks
View Y/N No
Total Parking Spaces 15
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.youtube.com/watch?v=FV7Dt7ZZvEI
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Listed by Eric von Bluecher Lee & Associates evb@lee-associates.com