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.