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Commercial Asset Advisors Closes $2.75M Off-Market 11-Unit Multifamily Sale in San Diego, CA

  • Writer: CAA
    CAA
  • Apr 6
  • 3 min read

SAN DIEGO, CA (April 6, 2026) – Commercial Asset Advisors (CAA) is pleased to announce the successful sale of a multifamily investment property located at 3738–40 Van Dyke Ave, San Diego, CA 92105. The 11 unit, 7,585-square-foot asset traded for $2,750,000 on March 10, 2026, representing another strategic execution in San Diego’s competitive multifamily market. The transaction was facilitated by Maxwell Brown, Senior Vice President at Commercial Asset Advisors, who exclusively represented both the buyer and seller—private high-net-worth entities—in an off-market transaction.


“By structuring an off-market disposition around a centrally located 1980s construction asset with strong infrastructure—new roof, dual pane windows, new copper water supply lines, and ABS plumbing—we positioned the buyer to capitalize on operational upside while mitigating long-term infrastructure expense risk. The seller was positioned to liquidate due to impending turnover costs of deferred maintenance interior conditions and overall operating fatigue as a landlord. The buyer was attracted to the asset for strong cash on cash returns with a low operating expense profile.” said Maxwell Brown, Senior Vice President at CAA.


Key Highlights of the Transaction

  • 11-Unit Multifamily Asset: Comprised of (6) two-bedroom / one-bath units and (5) one-bedroom / one-bath units

  • Attractive Return Profile: Traded at a 6.35% cap rate in-place, with projected upside to 7.3% cap rate at renovated market rents, including lease-up of underutilized garage spaces

  • Significant Parking Component: Includes 8 garage spaces and 13 off-street parking spaces, a rare amenity in a dense, urban San Diego location

  • Value-Add Opportunity: Interior units presented deferred maintenance, creating vacancy and operational upside for new ownership

  • Capital Improvements Completed: Property features include a new roof, dual pane windows, rerouted copper water supply lines, and ABS plumbing—reducing future capital expenditure risk

  • Strategic Location: Centrally located within an affordable San Diego submarket, offering long-term rental demand and accessibility

  • Off-Market Execution: Successfully sourced and closed without public listing, providing a strategic advantage to both parties


This acquisition stood out as a compelling opportunity for investors seeking yield in a supply-constrained market, combining day-one cash flow with a clear path to increased returns through renovation and operational optimization.


Financing for the transaction was provided by Jeff La Fleur of Citizens Private Bank, whose partnership was instrumental in delivering a smooth and efficient closing process.


Market Context

San Diego’s multifamily market continues to demonstrate resilience, particularly for well-located value-add opportunities. Investors remain highly focused on assets that combine physical infrastructure stability with operational upside, a strategy that aligns with long-term portfolio growth and risk mitigation.


For more information, or to request a complimentary property assessment, contact:


Maxwell Brown | Senior Vice President – Multifamily Investment Sales max@caacre.com | DRE Lic. # 02127395

 


About Commercial Asset Advisors

Commercial Asset Advisors is a San Diego-based commercial real estate brokerage that specializes in serving the unique needs of individual private clients, as well as family offices, corporate, institutional, nonprofit and national organizations. As a full-service CRE firm, our team has assisted property owners from Central San Diego, North County, East County, South County and beyond to maximize the value of their investments including office, retail, industrial, apartment and multi—family, mixed-use projects, ground-up development tenant representation and much more. With experience earned through exceptional hard work, CAA has successfully completed over 1,500 sale and lease transactions totaling over $1.5+ billion in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.


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