San Diego Development
For Sale
$2,795,000
5502 University Avenue, San Diego, CA 92105
Multifamily property with development potential in central San Diego.
Property Size5,875 SF
Price / SF$475.74
Days on Market252
Property Features for 5502 University Avenue
General Information
Standard status
Active
Size
5,875 SF
Property subtype
Multifamily
Building Details
Year Built
1950
Listing Agency:
Lee & Associates | North San Diego County
(760) 929-7846
Listed By:
Eric von Bluecher · License #CalDRE #01926201
Source:
Lee-associates
Added: Nov 26, 2025
Changed: Jul 6
Last Checked: Aug 5 at 4:38AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates | North San Diego County
Investment Insights
Based on property information with market context.
Located in central San Diego, this property offers a high cash on cash return with assumable financing. The property is situated on a lot with an area of approximately 21,344 square feet, with a building size of approximately 5,875 rentable square feet, allowing for residential development. It benefits from Complete Communities Tier 3 zoning, with a 6.5 FAR and no height limit. The assumable loan has a fixed rate of 3.34% through 2027. The property also generates income from a billboard. Development plans are in place for 20 additional units. The location provides strong walkability and close access to Interstates 8 and 15, offering convenient connectivity to Downtown San Diego, the beach, major employment centers, and the U.S.-Mexico border. The neighborhood is experiencing ongoing revitalization, driven by infill housing demand, infrastructure investment, and city-led smart growth initiatives.
Key Highlights
- Assumable Loan at 3.34% Fixed Through 2027
- High Cash on Cash Return
- Residential Development Potential with 6.5 FAR and No Height Limit
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $211.5k | $36.00 |
| − Vacancy | −$11.6k | −$1.98 |
| EGI | $199.9k | $34.02 |
| − OpEx | −$89.9k | −$15.31 |
| NOI | $109.9k | $18.71 |
5,875 SF · lease $36.00/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,927 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.32M
$2.03M – $2.71M
NOI $162,432 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,895
Businesses Nearby
Explore this area
Business Placement
Demographics for 92105, CA
66,579
Population
23,862
Households
2.8
Avg Household Size
34
Median Age
21%
College-Educated
71%
High-School Grad
5.8 sq mi
ZIP Area
11,479
Density / Sq Mi
$65,174
Median Household Income
$34,469
Median Earnings
$1,687
Median Rent
$593,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with development potential in central San Diego.
Where is this apartment building located?
The property is located at 5502 University Avenue San Diego, CA.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: Assumable Loan at 3.34% Fixed Through 2027; High Cash on Cash Return; Residential Development Potential with **6.5 FAR and No Height Limit**
