Building Details

Building Size 5,875 SF

Year Built 1950

Listing Agency: Lee & Associates

Listed By: Eric von Bluecher · License #CalDRE #01926201 Show Phone

Source: Lee-associates

Added: Nov 26, 2025 Changed: Sep 12 Last Checked: Oct 12 at 6:14PM

Report an Issue

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

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

Estimated NOI and Cap Rate

NOI / Yr

$109,927

Cap Rate

3.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,198,540 $2.2M

Cap Rate 7%

$1,570,386 $1.6M

Cap Rate 9%

$1,221,411 $1.2M

Market Conditions

NOI Build-Up for 5,875 SF

Gross rent

$211.5K $36.00/SF

− Vacancy

−$11.6K −$1.98/SF

EGI

$199.9K $34.02/SF

− OpEx

−$89.9K −$15.31/SF

NOI

$109.9K $18.71/SF

Area

ZIP 92105

Vacancy

5.50%

Lease Rate

$36.00 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,198,540

Cap Rate 7%

$1,570,386

Cap Rate 9%

$1,221,411

Alternative Uses

Best Use

Apartment 5plus

$1.57M

$1.37M – $1.83M (±1% cap)

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 (±1% cap)

NOI $162,432 @ 7.0% cap · market cap 5.81%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Accounting Firm Garden Center HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

922

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

8-Unit Apartment Building with Parking

4119 Arizona St, San Diego, CA 92104

$2,700,000

5,776 SF

View details

Renovated 9-Unit Apartment Building

4657 Felton St, San Diego, CA 92116

$3,150,000

5,942 SF

View details

Gated 9-Unit Apartment Building

4522 Oregon Street, San Diego, CA 92116

$2,950,000

6,165 SF

View details

Renovated 9-Unit Apartment Building

4357 39th St, San Diego, CA 92105

$2,800,000

5,080 SF

View details

New Construction 10-Unit Multifamily

4864 Fond Du Lac Ct, San Diego, CA 92117

$3,050,000

5,272 SF

View details

9-Unit Apartment Building

3837 39Th Street, San Diego, CA 92105

$2,100,000

View details

Courtyard-Style 9-Unit Apartment Building

1913 Georgia Ct, San Diego, CA 92104

$3,250,000

5,100 SF

View details

Renovated 9-Unit Apartment Complex

4062 49th Street, San Diego, CA 92105

$2,200,000

5,190 SF

View details

Eight-Unit Apartment Building

3574 4th Ave. (-80), San Diego, CA 92103

$4,295,000

5,506 SF

View details

Stabilized Multifamily with Nine Units

438 Denby St, San Diego, CA 92102

$2,800,000

4,415 SF

View details

Nine-Unit Apartment Building

2605 Madison Ave, San Diego, CA 92116

$3,375,000

6,969 SF

View details

Renovated 11-Unit Apartment Complex

4162 Arizona St, San Diego, CA 92104

$4,150,000

5,326 SF

View details

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**