Schafer Place | 399 Schafer Rd
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Schafer Place 399 Schafer Rd
30 Unit Apartment Building $8,395,000 ($279,833/Unit) 6.67% Cap Rate Hayward, CA 94544
Investment Highlights
- Private Carport Parking Including Covered Carports, an On-Site Laundry Facility, and Solar Panels to Offset Electrical Consumption
- Opportunity to Increase Revenue w/ Monetization of Parking and Rent Increases
- Prime Harder- Tennyson Location, Close to Restaurants, Shopping, Commute Options & Downtown Hayward
- Several Capital Improvements Have Been Completed Including: New Exterior Paint, Upgraded Bathrooms and Kitchens with Contemporary Finishes, and New Fl
- Hayward is The Center of The Bay Area with Strategic Access to All Major Bay Area Employment Centers Including Oakland/ Berkeley, San Jose, & SF
Executive Summary
Welcome to Schafer Place Apartments. With an enticing assortment of 20 1bd/bth units, 9 1b/1bth units, and one 3bd/1bth unit, this 30-unit gem guarantees a diverse and lucrative investment opportunity. Spanning across a 1.309- acre lot, complete with 8 covered and 34 uncovered carport spaces, on-site laundry facilities, and energy efficient solar panels, this property is ideal for seasoned or new investors. Extensive capital improvements have been made to the units, including beautifully stained hardwood style flooring, new appliances, including GE Stainless Steel kitchen appliances, glass-top stoves, and quartz countertops. Investors are shown the potential value
creation achieved by maximizing the monetization of parking fees to increase income and the opportunity to raise rents in 2024 by 5%
Schafer Place Apartments is situated in Harder-Tennyson, a quaint Bay Area neighborhood in the city of Hayward. The neighborhood is conveniently located along Interstate 880 and is about 10 minutes from the parks and beaches along the San Francisco Bay, such as the Eden Landing Ecological Reserve. Hayward Executive Airport is just a short drive away, as are Southland Mall and sprawling golf courses.
Hayward is currently one of the last remaining Bay Are a rental markets, with average rents just over $2,000 per month. Due to increased demand for affordable housing in the Bay Area & the recent flight to suburban locales, renters have started relocating to the Hayward market for rent relief. With overall vacancy in the City of Hayward hovering around 4% & with few housing developments in the pipeline, Hayward is expected to see tremendous rent growth as demand for housing continues to outpace supply.
EMAIL: INFO@PINZAGROUP.COM FOR MORE INFORMATION
creation achieved by maximizing the monetization of parking fees to increase income and the opportunity to raise rents in 2024 by 5%
Schafer Place Apartments is situated in Harder-Tennyson, a quaint Bay Area neighborhood in the city of Hayward. The neighborhood is conveniently located along Interstate 880 and is about 10 minutes from the parks and beaches along the San Francisco Bay, such as the Eden Landing Ecological Reserve. Hayward Executive Airport is just a short drive away, as are Southland Mall and sprawling golf courses.
Hayward is currently one of the last remaining Bay Are a rental markets, with average rents just over $2,000 per month. Due to increased demand for affordable housing in the Bay Area & the recent flight to suburban locales, renters have started relocating to the Hayward market for rent relief. With overall vacancy in the City of Hayward hovering around 4% & with few housing developments in the pipeline, Hayward is expected to see tremendous rent growth as demand for housing continues to outpace supply.
EMAIL: INFO@PINZAGROUP.COM FOR MORE INFORMATION
Property Facts
| Price | $8,395,000 | Building Class | C |
| Price Per Unit | $279,833 | Lot Size | 1.11 AC |
| Sale Type | Investment | Building Size | 17,340 SF |
| Cap Rate | 6.67% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.61 | No. Stories | 2 |
| No. Units | 30 | Year Built/Renovated | 1962/2020 |
| Property Type | Multifamily | Parking Ratio | 1.3/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $8,395,000 |
| Price Per Unit | $279,833 |
| Sale Type | Investment |
| Cap Rate | 6.67% |
| Gross Rent Multiplier | 10.61 |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 1.11 AC |
| Building Size | 17,340 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1962/2020 |
| Parking Ratio | 1.3/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Heating
- Kitchen
- Range
- Double Pane Windows
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | - | 600 |
| 2+1 | 9 | - | 800 |
| 3+1.5 | 1 | - | 900 |
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PROPERTY TAXES
| Parcel Number | 453-0020-065-02 | Improvements Assessment | $4,671,714 |
| Land Assessment | $2,007,900 | Total Assessment | $6,691,764 |
PROPERTY TAXES
Parcel Number
453-0020-065-02
Land Assessment
$2,007,900
Improvements Assessment
$4,671,714
Total Assessment
$6,691,764
zoning
| Zoning Code | RM, Hayward |
| RM, Hayward |
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Schafer Place | 399 Schafer Rd
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