
San Diego, California 92120
This property presents a High-Potential Investment Opportunity with a List Price of $379,000—positioned well below the $373,586 Fair Market Value (Note: Market is currently stable). Featuring a Fair Condition Rating (4/10), this 2-bedroom condo offers significant value-add potential through cosmetic modernization. Its proximity to SDSU and VA-approved status make it a prime asset for Buy-and-Hold Investors or first-time buyers. With soaring vaulted ceilings, in-unit laundry, and access to a pool and spa, this unit provides a functional, high-demand rental profile in a central San Diego location.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5473 Adobe Falls Rd- 16 Subject | $379,000* List Price | 2 | 2 | 884 | $423 | - |
A 5553 Adobe Falls Road Sold | $382,500 | 2 | 2 | 1,144 | $334 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1973, the property is functional but dated. The kitchen features older tile countertops, white cabinetry, and electric coil appliances that appear well-maintained but are past their prime. Bathrooms show older cultured marble vanities and fixtures. While the unit has newer dual-pane windows and laminate flooring, the reliance on a wall AC unit rather than central HVAC and the overall age of the interior finishes (>20 years) necessitate cosmetic updates.
Located minutes from SDSU with VA approval, this property serves as an ideal student rental or 1031 exchange opportunity in a high-demand central San Diego corridor.
As an upstairs end-unit with soaring vaulted ceilings, the home offers enhanced privacy, increased natural light, and a more spacious architectural feel compared to interior units.
The association fee includes water, trash, and exterior maintenance (including the roof), significantly reducing out-of-pocket utility costs and long-term upkeep responsibilities for the owner.
With only one deeded parking space, multi-vehicle residents must rely on a transferable rental agreement for a second spot, which adds a recurring cost and lacks permanent ownership security.
Built in 1973, the property may require further interior modernization and cosmetic upgrades to maximize its market value and compete with newer area developments.
One of the best locations in the complex! VA Approved condos. Nestled among mature landscaping in the highly desirable Adobe Falls community, this light and bright upstairs end-unit features soaring vaulted ceilings. An excellent opportunity for first-time homebuyers, investors, or those looking to complete a 1031 exchange. Located just minutes from SDSU, this 2-bedroom condo offers outstanding potential as a student rental or long-term investment. The condo includes one deeded parking space (#3) plus an additional rented parking space that may be transferred to the new owner. Newer dual-pane windows, laminate flooring in the kitchen and dining area, tiled bathrooms, and a convenient in-unit laundry closet with washer and dryer included. Enjoy your private balcony with an attached storage closet, perfect for relaxing outdoors. Adobe Falls is a beautifully maintained community featuring a sparkling pool, spa, clubhouse, lush landscaping, and a responsive HOA. HOA dues include water, trash, common area maintenance, roof maintenance, and exterior building maintenance. Ideally located near Mission Valley shopping, countless restaurants, and SDSU, this home is adjacent to the highly desirable Del Cerro and San Carlos communities, known for their established neighborhoods, scenic hiking and biking trails, and exceptional central location. Enjoy convenient access to Interstate 8, Highways 15 and 125, making commuting throughout San Diego a breeze. You'll also be approximately 15 to 20 minutes from Mission Beach, Pacific Beach, and many of San Diego's world-famous beaches (traffic permitting), as well as close to downtown, Qualcomm Stadium redevelopment (Mission Valley), shopping, entertainment, and major employers. Whether you're a first-time buyer, investor, or completing a 1031 exchange, this home offers an unbeatable combination of affordability, convenience, lifestyle, and future upside. Don't miss this opportunity to build equity in one of San Diego's most desirable central locations!
No exterior & parking available.
Grades K-5 • 0.8 mi
Grades 6-8 • 1.0 mi
Grades 9-12 • 2.0 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 2.0 |
| Baths | 2.0 | 2.0 |
| Square foot | 884 | 1,002.307 |
| Lot Size | - | 75,574.68 |
| Price | $379.0K | $596.0K |
| Price per sq ft | $429 | $612 |
| Built year | 1973 | 1985 |
| HOA | $510.0 | $529 |
| Days on market | 34 | 55 |
Aug 19, 2026
$379,000
$399,000
-5% Price Drop
Initial Listing
Aug 6, 2026
$399,000
Initial Listing
Jun 22, 2021
$340,000
Public Record
Mar 3, 2009
$106,500
Public Record
May 5, 2005
$270,000
Public Record