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$2,949,500
Est. payment /mo
3 Beds
2 Baths
0.27 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2501962
Bedrooms 3
HOA Y/N No
Lot Size 0.268 Acres
Property Sub-Type Res Income 2-4 Units
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 Heightswest of Fairmount Avenuethe 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, Farmers Market, and the bustling City Heights Center, which features Starbucks, Dennys, 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 1,2001,300 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 pr
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 Heightswest of Fairmount Avenuethe 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, Farmers Market, and the bustling City Heights Center, which features Starbucks, Dennys, 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 1,2001,300 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.
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 Heightswest of Fairmount Avenuethe 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, Farmers Market, and the bustling City Heights Center, which features Starbucks, Dennys, 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 1,2001,300 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.
Location
State CA
County San Diego
Area East San Diego (92105)
Building
Lot Description Curbs
Story 2
Others
Acceptable Financing Conventional
Space Rent $1,668
Listing Terms Conventional
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Listed by Maxwell Brown • Commercial Asset Advisors
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Glen Henderson
Broker Associate | CA BRE #01384181
Broker Associate CA BRE #01384181
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