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6.90% Current Cap & Rental Upside! 517 Schafer Rd

10 Unit Apartment Building $3,195,000 ($319,500/Unit) 6.90% Cap Rate Hayward, CA 94544

Investment Highlights

  • Ten Units Comprised of Five 2bd/1bth Duplexes, All With Attached Garages and Parking for Guests
  • On-Site Amenities Include One Car Garages, Wall Furnaces, Air-Conditioning, and Washer/Dryer Hookups in Each Unit, Enhancing Tenant Satisfaction
  • Prime Location on Harder-Tennyson, Strategic Access to All Major Employment Centers in The San Francisco Bay Area
  • Tenants Pay All Utilities-Keeping Expenses at a Minimum
  • Situated on a 1.079-Acre Lot, This Parcel Is Zoned for RM: Medium Density Residential, Allowing Investors to Develop a Maximum of 17 Total Units

Executive Summary

The Pinza Group is excited to showcase 517–523 Schafer Rd, which includes five duplexes, each with 2 bedrooms and 1 bathroom, on an expansive 1.079-acre lot. Every unit has separate gas and electricity meters, a private backyard, attached garages, and plenty of street parking for visitors. Tenants are responsible for paying their own utilities, enabling investors to maximize rental income and minimize operating costs. Additionally, each unit comes with air conditioning and washer/dryer hookups to enhance tenant satisfaction. This parcel is zoned for RM: Medium Density Residential, allowing for a maximum of 17 units to be developed, as per the city and planning department of Hayward. The property is 100% occupied, producing a healthy rental income stream, and situated in the prime Hayward Tennyson location close to schools, shopping, commute options, and downtown Hayward.
517-523 Schafer Rd is in 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 is Southland Mall and sprawling golf courses. Inside the neighborhood, ranch-style houses and green spaces like Weekes Community Center Park make up the area. While residents can easily travel to world-class restaurants in the Bay Area, the neighborhood has a variety of restaurants situated along Tennyson Road. Harder-Tennyson’s rental market is made up of a variety of low-rise apartments as well as a few condos situated along the eastern side of town.

Property Facts

Price $3,195,000
Price Per Unit $319,500
Sale Type Investment
Cap Rate 6.90%
Gross Rent Multiplier 11.3
No. Units 10
Property Type Multifamily
Property Subtype
Apartment
  • General Retail Storefront Retail/Residential
  • Multifamily Manufactured Housing Mobile Home Park
  • Multifamily Dormitory
Apartment Style Low Rise
Building Class C
Lot Size 1.08 AC
Building Size 7,560 SF
Average Occupancy 100%
No. Stories 1
Year Built/Renovated 1962/2000
Opportunity Zone Yes

Unit Amenities

  • Yard

Site Amenities

  • Courtyard

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
2+1 10 - 800

zoning

Zoning Code R3 (Multi-Family Zoning)
R3 (Multi-Family Zoning)
  • Listing ID: 32791331

  • Date on Market: 8/14/2024

  • Last Updated:

  • Address: 517 Schafer Rd, Hayward, CA 94544

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