3738 40 Van Dyke Avenue
San Diego, CA 92105
- – beds
- – baths
- – sqft
- 11,695 sqft lot
- 1980 build
- – on site
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
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Last updated Mar 19, 2025
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MLS# PTP2501962 —
The Building
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Year Built:1980
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Building Area Total:7584.00
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Building Area Units:Square Feet
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Total Number Of Units:11
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# of Buildings:2
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Stories Total:2
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Entry Level:1
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Common Walls:2+ Common Walls
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# of Separate Gas Meters:12
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# of Separate Water Meters:1
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# of Separate Electric Meters:12
Interior
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Entry Location:street
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Fireplace:No
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Laundry:Community
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Laundry:1
Location
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Directions:GPS
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Latitude:32.74663900
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Longitude:-117.10366000
The Property
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Property Type:Residential Income
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Zoning:Residential Multifamily
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Lot Features:36-40 Units/Acre
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Lot Size Area:11695.0000
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Lot Size Acres:0.2685
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Lot Size SqFt:11695.00
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Lot Size Source:Public Records
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Fence:No
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Property Attached:1
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Land Lease:No
Listing Agent
- Contact info:
- No listing contact info available
Taxes
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Tax Tract:10183
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Tax Lot:10183
The Listing
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Special Listing Conditions:Standard
Heating & Cooling
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Cooling:No
Utilities
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Sewer:Public Sewer
Appliances
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Included:No
The Community
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Neighborhood:City Heights
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Features:Curbs
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Association:No
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Pool:None
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Senior Community:No
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Private Pool:No
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Assessments:Yes
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Assessments:Unknown
Parking
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Parking:No
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Parking Spaces:8.00
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Garage Spaces:8.00
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
3/19/25
Mar 19, 2025
|
Listed / Active | CRMLS_CA | $2,950,000 |
