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Listed by Eric von Bluecher • Lee & Associates
$ 2,995,000
Est. payment | /mo
5,875 SqFt
$ 2,995,000
Est. payment | /mo
5,875 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 5,875 sqft
Price per Sqft $509
MLS Listing ID CRNDP2506649
HOA Y/N No
Year Built 1950
Lot Size 0.491 Acres
Property Sub-Type Other
Source Datashare California Regional
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
Interior
Fireplace No
Laundry Other
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Ray Marquez
Broker-Associate | Lic# CA DRE#01800314 AZ# BR70577800