5502 University Avenue

San Diego CA 92105

21388 sq. ft.

Multi-Family

Currently for sale - view listing

Overview

Aztec Canyon Apartments is a 10-unit apartment building located at 5502-06 University Avenue in the heart of San Diegos Complete Communities zone. Situated on a generous 21,344 SF lot with 15+ parking spaces, this mildly renovated 5,875 SF property features a strong unit mixone 3BR, three 2BRs, and six 1BRsall upgraded with new windows, sleek modern finishes, A/C, vinyl plank flooring,and updated kitchens/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 2025creating 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 3.24% 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 bothAztec Canyon checks all the boxes. Please contact listing agent for more information: Ivan Del Muro-Garcia 619.623.2132 or idmg@lee-associates.com #02169365