5502 E University Avenue East, Property Listing: MLS® #NDP2506649

The Aztec Canyon Apartments at 5502-06 University Avenue is a fully renovated 10-unit multifamily property totaling approximately 5,875 rentable square feet, situated on a large 21,344 SF lot with over 12 parking spaces. Built in 1950, the unit mix includes one 3 Bed / 1 Bath unit, three 2 Bed / 1 Bath units, and six 1 Bed / 1 Bath units. All units have been extensively upgraded with new windows, modern finishes, updated kitchens and bathrooms, vinyl flooring, high-end appliances, and in-unit A/C. Two units are designated affordable. The property includes on-site laundry (2 washers / 2 dryers), and tenants are billed back for select utilities. There is an income-generating billboard on-site with the current lease expiring January 2025, presenting an opportunity for increased passive income. The property falls within the Complete Communities Housing Plan, offering 6.5 FAR, no height restrictions, and parking relaxation incentives for potential future development. Additionally, the Community Plan designates the site under mixed-use zoning: Residential: 1115 DU/AC Commercial/Mixed-Use: up to 29 DU/AC, with potential bonus density up to 43 DU/AC where residential is permitted. An assumable Chase loan at a 3.34% fixed rate through March 2027 is in place. Preliminary plans for 20 additional 1 Bed / 1 Bath units and new parking in the rear are available, along with a slope study, soil report, and topo survey.

5502 E University Avenue East, Property Listing: MLS® #NDP2506649 Close
Page Summary
  • MLS® #: NDP2506649
  • 5502 E University Avenue East
  • , CA 92105
  • $2,995,000
  • 4 Beds, 4 Bath, 0.49 Acres
  • Office: Lee & Associates

The Aztec Canyon Apartments at 5502-06 University Avenue is a fully renovated 10-unit multifamily property totaling approximately 5,875 rentable square feet, situated on a large 21,344 SF lot with over 12 parking spaces. Built in 1950, the unit mix includes one 3 Bed / 1 Bath unit, three 2 Bed / 1 Bath units, and six 1 Bed / 1 Bath units. All units have been extensively upgraded with new windows, modern finishes, updated kitchens and bathrooms, vinyl flooring, high-end appliances, and in-unit A/C. Two units are designated affordable. The property includes on-site laundry (2 washers / 2 dryers), and tenants are billed back for select utilities. There is an income-generating billboard on-site with the current lease expiring January 2025, presenting an opportunity for increased passive income. The property falls within the Complete Communities Housing Plan, offering 6.5 FAR, no height restrictions, and parking relaxation incentives for potential future development. Additionally, the Community Plan designates the site under mixed-use zoning: Residential: 1115 DU/AC Commercial/Mixed-Use: up to 29 DU/AC, with potential bonus density up to 43 DU/AC where residential is permitted. An assumable Chase loan at a 3.34% fixed rate through March 2027 is in place. Preliminary plans for 20 additional 1 Bed / 1 Bath units and new parking in the rear are available, along with a slope study, soil report, and topo survey.

Supplemental Remarks

Essential Information

  • MLS® #NDP2506649
  • Listing Price$2,995,000
  • Date ListedJune 27th, 2025
  • Days on Market18
  • Bedrooms4
  • Bathrooms4.00
  • Acres0.49
  • Lot Sq.Ft.21,388
  • TypeResidential Income
  • Sub-TypeRes Income 2-4 Units
  • StatusActive

Community Information

  • Address5502 E University Avenue East
  • AreaEAST SAN DIEGO (92105)
  • SubdivisionEl Cerrito
  • CountySan Diego
  • StateCA
  • Zip Code92105

Amenities

  • PoolN/K

Interior

  • FireplaceYes

Exterior

  • Lot DescriptionCurbs,Sidewalks
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Listing information last updated on July 19th, 2025 at 12:09am PDT.