3738-40 Van Dyke Ave presents the opportunity to acquire a high-yield, 11-unit multifamily property in Central San Diego. Built in the 1980s, this well maintained asset offers significant upside potential, including the possibility for notable ADU development. Recent cap-ex includes new roofs in 2025, water supply line pulled from slab and re-routed to exterior of property, and dual pane windows in the last 10 years Ideally situated in the most desirable section of City Heights"”west of Fairmount Avenue"”the property benefits from a highly walkable location near retail centers, dining, and entertainment. Within just two blocks, residents have access to the City Heights Recreation Center, Park, Library, Mid-City Gym, Farmer's Market, and the bustling City Heights Center, which features Starbucks, Denny's, Chase Bank, El Super Market, and more. The property sits on an 11,695-square-foot lot and consists of two separate buildings, totaling 7,584 rentable square feet, with an additional 1,200-1,300 square feet of garage space. The unit mix includes (6) two-bedroom, one-bath units and (5) one-bedroom, one-bath units. On-site parking is ample, with 12 spaces in the front, 8 garage spaces in the rear, and an additional 3 parallel spaces if the garages are converted to ADUs. Recent property upgrades include new dual-pane windows, fresh exterior paint, and new roofs in process of installation. Currently, the asset generates strong in-place financial metrics, achieving a 5.91% cap rate on in-place rents and a 6.18% cap rate with the currently available rent increases. Investors looking to maximize returns can renovate the remaining units to target a pro forma cap rate of 7.26%, excluding renovation costs. Additionally, the 8 garage spaces offer additional income potential, with projected rents of $150 per single garage and $250 per double garage, included for in-place cap rate metrics. Alternatively, the garages present an opportunity for notable ADU development, with city zoning and square footage allowances supporting up to (3) 400-425 sqft 1 Bed / 1 Bath ADUs.
|
DAYS ON MARKET
|
81
|
LAST UPDATED
|
6/4/2025
|
|
YEAR BUILT
|
1980
|
COMMUNITY
|
92105 - East San Diego
|
|
GARAGE SPACES
|
8.0
|
COUNTY
|
San Diego
|
|
STATUS
|
Active
|
PROPERTY TYPE(S)
|
Residential Income
|
|
Prior to Apr 23, '25
|
$2,950,000
|
|
Apr 23, '25 - Jun 4, '25 |
$2,949,500
|
| Jun 4, '25 - Today |
$2,895,000 |
| AREA |
92105 - East San Diego |
| GARAGE |
Yes |
| HEAT |
None |
| LOT |
0.2685 acre(s) |
| POOL DESCRIPTION |
None |
| SEWER |
Public Sewer |
| STORIES |
2 |
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Listed with Commercial Asset Advisors
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 6/7/25 12:22 PM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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