5502 University Avenue, San Diego CA 92105 | $3,250,000

The Aztec Canyon Apartments at 5502-06 University Avenue is a 10-unit apartment complex that consists of 5,866 rentable square feet built in 1950 situated on a 21,344 square foot lot with over 12 parking spaces. The unit mix consists of one 3 Bed / 1 Bath unit, three 2 Bed / 1 Bath units, and six 1 Bed / 1 Bath units as well as a billboard that generates income. All the units are completely renovated with brand-new windows, interior finishings, kitchens, vanities, high-end appliances, AC units, vinyl flooring and new appliances. Two units are affordable. There are two washers and two dryers in an on-site laundry room and tenants are billed back for some utilities. There is an assumable Chase loan with a balance of $1,449,000 fixed at 3.34% maturing in March of 2027. There are plans to build twenty 1 Bed / 1 Bath units and additional parking in the rear of the property. The contract for the billboard is up for renewal in January 2025. Soil report, slope study and full topo survey are also available. The property is in the Complete Communities Housing Plan which allows for 6.5 FAR with parking relaxation incentives and no height limits.

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