5506 E University Ave
san diego, CA 92105$2,795,000
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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.
Details
5,875 Sq Ft
0.491 Private Acres Lot Size
Investment
Built in 1950
MLS/Listing ID NDP2508951
10 Units
Amenities & Features
Community - Sidewalks
Community - Park
Community - Lake
Community - Hiking
Community - Golf
Community - Fishing
Community - Dog Park
Community - Curbs
Community - Biking
Outside
Common Area

Source of Data: CALIFORNIA REGIONAL MULTIPLE LISTING SERVICE
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