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… Read More 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 Read Less
Property listed by Commercial Asset Advisors, Maxwell Brown [email protected]
Listing Snapshot
Days Online
42
Last Updated
Property Type
Other
Lot Size
0.27 Acres
Year Built
1980
MLS Number
PTP2501962
30 Days Snapshot Of 92105
$637k
+6%
(avg) sold price
13
-7%
homes sold
87
+64%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1980, Building area total: 7,584, 2 buildings, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Curbs
Expenses
Electric expense: $5,605, Insurance expense: $7,457, New taxes expense: $36,316, Operating expense: $93,297, Trash expense: $5,238, Water sewer expense: $14,603
Garage
8 spaces
Income
Gross income: $261,583, Net operating income: $160,439
Based on information from California Regional Multiple Listing Service, Inc. as of 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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