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10 Units + Development Central San Diego 5502-5506 University Ave 10 Unité Immeuble d’appartements 3 870 823 $ CAD (387 082 $ CAD/Unité) 5,58% Taux de capitalisation San Diego, CA 92105
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FAITS SAILLANTS DE L'INVESTISSEMENT
- Fully Renovated Units interiors including new kitchens, windows, flooring, appliances, and A/C.
- Assumable Financing Chase loan at 3.34% fixed rate through March 2027— High cash on cash potential
- Development Potential Complete Communities Tier 4: 6.5 FAR, no height limit, parking incentives + plans for 20-unit addition in rear
- Attractive Unit Mix Diverse mix of (1) 3BD/1BA, (3) 2BD/1BA, and (6) 1BD/1BA units with strong rental demand.
- Billboard Income Opportunity On-site billboard with lease expired January 2025—option to lease at higher market rate
- Large Lot with Parking Situated on a 21,388 SF lot with over 12 off-street parking spaces
RÉSUMÉ DE L'ANNONCE
5502-06 University Ave, also known as the Aztec Canyon Apartments, is a fully renovated 10-unit multifamily asset located in central San Diego. The property encompasses approximately 5,875 rentable square feet on a generous 21,388 square foot lot, featuring over 15 on-site parking spaces. Originally built in 1950, the building offers a balanced unit mix of (1) 3BD/1BA, (3) 2BD/1BA, and (6) 1BD/1BA units.
All units have undergone extensive, high-quality renovations, including new windows, upgraded kitchens and baths, modern flooring, premium appliances, and in-unit A/C systems. Two of the units are designated as affordable housing.
Unit Mix:
• (1) 3 Bed / 1 Bath
• (3) 2 Bed / 1 Bath
• (6) 1 Bed / 1 Bath
The property also includes a fully operational laundry facility equipped with two washers and two dryers. Tenants are billed back for select utilities, providing operational efficiency. An income-generating billboard is located on-site, with the current lease having expired in January 2025—presenting a value-add opportunity through lease renewal and passive income potential.
A favorable financial component includes an assumable Chase loan with a fixed interest rate of 3.34%, maturing in March 2027.
Zoning & Development Potential:
5502 University Ave falls within the Complete Communities Housing Solution Plan, offering generous development entitlements such as a 6.5 FAR, no height restrictions, and relaxed parking requirements. The Community Plan designates the site for the following uses:
• Residential: 11–15 DU/AC
• Commercial/Mixed-Use: Up to 29 DU/AC, with bonus density up to 43 DU/AC where residential is allowed
Preliminary architectural plans have been drawn to potentially add twenty (20) additional 1BD/1BA units along with supplementary parking at the rear of the site. A slope study, soil report, and full topographical survey are available to support development efforts.
All units have undergone extensive, high-quality renovations, including new windows, upgraded kitchens and baths, modern flooring, premium appliances, and in-unit A/C systems. Two of the units are designated as affordable housing.
Unit Mix:
• (1) 3 Bed / 1 Bath
• (3) 2 Bed / 1 Bath
• (6) 1 Bed / 1 Bath
The property also includes a fully operational laundry facility equipped with two washers and two dryers. Tenants are billed back for select utilities, providing operational efficiency. An income-generating billboard is located on-site, with the current lease having expired in January 2025—presenting a value-add opportunity through lease renewal and passive income potential.
A favorable financial component includes an assumable Chase loan with a fixed interest rate of 3.34%, maturing in March 2027.
Zoning & Development Potential:
5502 University Ave falls within the Complete Communities Housing Solution Plan, offering generous development entitlements such as a 6.5 FAR, no height restrictions, and relaxed parking requirements. The Community Plan designates the site for the following uses:
• Residential: 11–15 DU/AC
• Commercial/Mixed-Use: Up to 29 DU/AC, with bonus density up to 43 DU/AC where residential is allowed
Preliminary architectural plans have been drawn to potentially add twenty (20) additional 1BD/1BA units along with supplementary parking at the rear of the site. A slope study, soil report, and full topographical survey are available to support development efforts.
FAITS SUR LA PROPRIÉTÉ
COMMODITÉS
COMMODITÉS DES UNITÉS
- Climatisation
- Laveuse/Sécheuse
- Ventilateurs de plafond
- Planchers de bois franc
- Porche
- Plancher de vinyle
COMMODITÉS DU SITE
- Terrain clôturé
- Installations de lessive
- Transport en commun
UNITÉ RENSEIGNEMENTS SUR LE MÉLANGE
| DESCRIPTION | NOMBRE D’UNITÉS | LOYER MOYEN/MOIS | pi² |
|---|---|---|---|
| 1+1 | 6 | - | 550 |
| 2+1 | 3 | - | 600 |
| 3+1 | 1 | - | - |
1 1
Walk Score®
Très pratique à pied (74)
Impôts fonciers
| Numéro de lot | 472-410-01 | Évaluation des bâtiments | 1 751 111 $ CAD |
| Évaluation du terrain | 2 086 430 $ CAD | Évaluation totale | 3 837 541 $ CAD |
Impôts fonciers
Numéro de lot
472-410-01
Évaluation du terrain
2 086 430 $ CAD
Évaluation des bâtiments
1 751 111 $ CAD
Évaluation totale
3 837 541 $ CAD
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10 Units + Development Central San Diego | 5502-5506 University Ave
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