3738-3740 Van Dyke Ave - Apartments FOR SALE


San Diego, CA 92105- Castle
$2,950,000 USD
925-872-6746
3738-3740 Van Dyke Ave, San Diego, CA for Sale
$2,950,000 USD
Apartments - FOR SALE
1/27
null | 5.44% Cap Rate

3738-3740 Van Dyke Ave
San Diego, CA 92105
Castle


HIGHLIGHTS

  • Walking Distance to Various Public Schools
  • Central Location Near Primary Employment & Entertainment
  • Strong In-Place 5.44% Return Metrics

OVERVIEW

Commercial Asset Advisors is pleased to present 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. 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 5.44% 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 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.

FOR SALE DETAILS

PRICE

$2,950,000 USD

PRICE/SF

$252 USD /SF

# OF UNITS

11

PRICE/UNIT

$268,182

CAP RATE

5.44%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1980

PARKING SPACES

17

LAND DETAILS

LAND ACRES

0.27 AC

LAND SF

11,864 SF

ZONING

RM-1-1, San Diego

APN/PARCEL ID

471-632-37

ASK ABOUT THIS PROPERTY

Maxwell BrownCommercial Asset AdvisorsMore Info
925-872-6746

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Maxwell BrownCommercial Asset AdvisorsMore Info
925-872-6746

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.