5502 E University Avenue East new

San Diego,CA 92105

$ 2995000

4 Beds

4 Baths

0 SqFt


Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID NDP2506649

Bedrooms 4

Property Sub-Type Res Income 2-4 Units

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: 1115 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

Exterior

View Y/N No

Building

Story 2

Others

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