Homes for sale - 5502 06 E University AVE E, San Diego, CA 92105

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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$2,995,000

Est. payment - /mo

0.49 Acres Lot

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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 5,875 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

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