5502 University AveSan Diego, CA 92105

This exceptional redevelopment opportunity presents a 10-unit apartment complex in San Diego, CA. Located at 5502 University Ave, 92105, this property boasts 5,866 rentable square feet on a substantial 21,344 square foot lot. The existing building, constructed in 1950 and featuring two stories, comprises a mix of one 3-bedroom/1-bathroom unit, three 2-bedroom/1-bathroom units, and six 1-bedroom/1-bathroom units. All units have undergone complete renovations, including new windows, interiors, kitchens, vanities, high-end appliances, AC units, and vinyl flooring. Two units are designated as affordable housing. The property includes an on-site laundry facility with two washers and two dryers; tenants are billed for some utilities. Seventeen parking spaces are available, supplemented by a revenue-generating billboard (contract renewal in January 2025). An assumable Chase loan is available, fixed at 3.34% and maturing in March 2027, with a balance of $1,449,000. Approved plans exist for a significant expansion, adding twenty 1-bedroom/1-bathroom units and additional parking. Supporting documentation includes a soil report, slope study, and full topographic survey. The property's location within the Complete Communities Housing Plan allows for a 6.5 FAR with parking relaxation incentives and no height restrictions. The area offers high pedestrian activity and convenient access to major highways, beaches, business districts, downtown, and Mexico. The current NOI is $139,221, with a pro-forma NOI of $428,636, reflecting a 4.28% cap rate and a pro-forma cap rate of 13.19%. The asking price is $3,250,000. Please respect tenant privacy and refrain from trespassing.