5506 University Ave San Diego, CA 92105
El Cerrito NeighborhoodEstimated payment $17,453/month
Highlights
- Golf Course Community
- 0.49 Acre Lot
- No HOA
- Fishing
- Community Lake
- Hiking Trails
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
Lee & Associates Brokerage Email: evb@lee-associates.com License #01926201 Listed on: 09/11/2025
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
- Entry on the 2nd floor
Interior Spaces
- 5,875 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 15 Bedrooms
- 10 Bathrooms
Laundry
- Laundry Room
- Laundry Located Outside
Utilities
- 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
- Community Lake
Amenities
- Laundry Facilities
Recreation
- Golf Course Community
- Fishing
- Park
- Dog Park
- Hiking Trails
- Bike Trail
Building Details
- Rent Control
- 1 Separate Electric Meter
- 1 Separate Gas Meter
- 1 Separate Water Meter
- Electric Expense $10,694
- Insurance Expense $8,000
- Professional Management Expense $12,323
- Trash Expense $11,790
- New Taxes Expense $33,820
- Operating Expense $99,734
- Gross Income $262,187
- Net Operating Income $149,344
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 09/11/2025 09/11/25 | For Sale | $2,795,000 | -- | $476 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: NDP2508951
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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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