31
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$2,950,000
Est. payment /mo
New
3738 40 Van Dyke AVE San Diego, CA 92105
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Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2501962
HOA Y/N No
Year Built 1980
Lot Size 0.268 Acres
Property Description
3738-40 Van Dyke Ave presents an exceptional 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. 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 estimated 1,500–1,600 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 light interior renovations in 7 of the 11 units. Currently, the asset generates strong in-place financial metrics, achieving a 5.44% cap rate with room for further growth. Investors looking to maximize returns can enhance the remaining units to target a pro forma cap rate of 7.0%, excluding renovation costs. Additionally, the 8 owner used garage spaces offer immediate 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 (4) 400 sqft 1 Bed / 1 Bath ADUs or (2) 800 sqft 2 Bed / 2 Bath ADUs. A blend of both is also feasible
Location
State CA
County San Diego
Area 92105 - East San Diego
Zoning Residential Multifamily
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 8.0
Garage Description 8.0
Pool None
Community Features Curbs
View Y/N No
Total Parking Spaces 8
Private Pool No
Building
Lot Description 36-40 Units/Acre
Story 2
Sewer Public Sewer
Others
Senior Community No
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Listed by Maxwell Brown • Commercial Asset Advisors • mbrown@caacre.com