$2,995,000

5502-6 University Ave San Diego, CA 92105

El Cerrito Neighborhood

Estimated payment $19,282/month

Total Views 3,472
15 Beds
10 Baths
5,875 Sq Ft
$510 Price per Sq Ft

Highlights

  • Golf Course Community
  • No HOA
  • Laundry Room
  • 0.49 Acre Lot
  • Park
  • Bike Trail

About This Home

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.

Listing Agent

Eric von Bluecher

Lee & Associates Brokerage Email: evb@lee-associates.com License #01926201 Listed on: 07/07/2025

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1950

Lot Details

  • 0.49 Acre Lot
  • Two or More Common Walls
  • Density is 36-40 Units/Acre

Home Design

  • Property Attached

Interior Spaces

  • 5,875 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 15 Bedrooms
  • 10 Bathrooms

Parking

  • 15 Open Parking Spaces
  • 15 Parking Spaces

Additional Features

  • Exterior Lighting
  • No Heating

Listing and Financial Details

  • Tax Lot 29
  • Tax Tract Number 73
  • Assessor Parcel Number 4724100100

Community Details

Overview

  • No Home Owners Association
  • 2 Buildings
  • 10 Units

Amenities

  • Laundry Facilities

Recreation

  • Golf Course Community
  • Park
  • Dog Park
  • Bike Trail

Building Details

  • Rent Control
  • 1 Separate Electric Meter
  • 1 Separate Gas Meter
  • 1 Separate Water Meter
  • Electric Expense $10,694
  • Insurance Expense $6,000
  • Professional Management Expense $12,166
  • Trash Expense $11,790
  • New Taxes Expense $36,240
  • Operating Expense $95,664
  • Gross Income $258,851
  • Net Operating Income $155,422

Property Details

Home Type

Multi-Family

Year Built

Built in 1950

Lot Details

0

Listing Details

  • Assessments: Yes
  • CapRate: 5.23
  • Price Per Unit: 299500
  • Professional Management Expense: 12166.00
  • Property Attached: Yes
  • View: No
  • Zoning: CC-5-3
  • Property Type: Residential Income
  • Parcel Number: 4724100100
  • Year Built: 1950
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: No
  • Stories: 2
  • Entry Location: Back and Front
  • Common Walls: 2+ Common Walls
  • Appliances: No
  • Entry Level: 2
  • Price Per Square Foot: 509.79

Exterior Features

  • Fence: No
  • Pool Private: No
  • Spa: No

Garage/Parking

  • Parking: No
  • Total Parking Spaces: 15.00
  • Uncovered Spaces: 15.00

Utilities

  • Heating: No
  • Laundry: Yes
  • Laundry Features: Common Area
  • Sewer: Public Sewer
  • Trash Expense: 11790.00

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Curbs, Golf, Sidewalks, Street Lights, Biking, Dog Park, Park

Lot Info

  • Land Lease: No
  • Lot Features: 36-40 Units/Acre, Lot 20000-39999 Sqft
  • Lot Size Sq Ft: 21388.00
  • Lot Size Acres: 0.4910

Multi Family

  • Electric Expense: 10694.00
  • Gross Income: 258851.00
  • Gross Scheduled Income: 258851.00
  • Insurance Expense: 6000.00
  • Lot Size Area: 21388.0000 Square Feet
  • Net Operating Income: 155422.00
  • Number Of Separate Electric Meters: 1
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 10
  • Operating Expense: 95664.00
  • Rent Control: Yes
  • Total Expenses: 95664.00

Tax Info

  • New Taxes Expense: 36240.00
  • Tax Lot: 29
  • Tax Tract Number: 00073

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
07/07/2025 07/07/25 For Sale $2,995,000 -- $510 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: NDP2506649

California Regional Multiple Listing Service (CRMLS)
California San Diego County San Diego 92105 El Cerrito

5502-6 University Ave, San Diego, CA

This home is located at 5502-6 University Ave, San Diego, CA 92105 and is currently priced at $2,995,000, approximately $509 per square foot. This property was built in 1950. 5502-6 University Ave is a home located in San Diego County with nearby schools including Fay Elementary School, Mann Middle School, and Crawford High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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Eric von Bluecher
Listing Agent
Eric von Bluecher
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Lee & Associates
(760) 929-7846