5502 University AveSan Diego, CA 92105

Property Details for 5502 University Ave

Year built

1950

Lot size

0.49 AC

Property size (Sq ft)

5,875 SF

Zone code

COMMERCIAL

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

472-410-01-00

APU

4724100100

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,527,053

  6.5%

  $1,409,588

  7%

  $1,308,903

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,473,790

  Geo Method

  $3,205,127

• Alternative Use

  Use

  Valuation

  Residential

  $1,409,588

  Hospitality

  $1,291,175

  Educational

  $1,074,242

  Medical

  $1,111,187

  Retail

  $1,671,044

Location Insight

City

San Diego

County

San Diego

State

California

Latitude

32.7485

Longitude

-117.077

CBSA code

41740

CBSA name

SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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