Multifamily
Cherry Apartments
283 Cherry Way, Hayward, CA 94541
Listing Price: $2,650,000
Investment Overview
The Cherry Apartments are seven (7) apartments plus one single family multi-family complex located at 283-297 Cherry Way in the Cherryland area of unincorporated Hayward. The unit mix is 7-Two Bedroom/1 Bath and 1-Three Bedroom/1 Bath apartments. Additionally, there is a management office serving the property from a partially built garage. Recent state legislation for ADU conversion certainly offers a path for an additional permanent residential apartment. The total lot area of the asset is 0.46 acres. The property is situated in an opportunity zone.
Each apartment has a private backyard. Every unit has two designated, numbered off street parking spaces. The residences possess a washer and dryer hook up for the convenience of the tenants. All dwellings have individual hot water heaters. Residents pay PG&E directly as there are separate meters for gas and electric expenses. Ownership has an established sub meter system in place for each apartment and residents reimburse landlord for their documented water usage. Tenants pay their own garbage/refuse bills.
283-297 Cherry Way is a convenient location. It is about a five-to-eight-minute drive to I-880 access points at A Street or Lewelling entries and exits. Highway 238 is another short drive connecting people to the I-580. The property is 7 miles to the San Mateo Bridge Toll Booth. The AC bus line 34 directs commuters to downtown Hayward BART Station. Residents chose to live here because it is centrally located and accessible to diverse employment and educational opportunities.
The Cherry Apartments is a prime asset for an investor seeking various paths to success. The building is in turnkey condition and appeals to quality tenants. The operating expenses are low due to strategic capital improvements completed by current ownership. This investment property presents an opportunity to capture significant additional income with the unfinished garage space. Being in unincorporated Alameda County, there is no local rent control ordinance and only subject to state jurisdiction for rent increases. 283-297 Cherry Way offers stable cash flow in a deregulated marketplace with an opportunity to create income upside with a bit of creativity.
Cherry Apartments
Investment Highlights
- Well maintained asset with limited landlord expenses. Tenants pay all all utilities. Owner has limited expenses.
- 1 Single family home with 2 bedroom/1 bath units. Each apartment has two designated off street parking spaces. Each unit has private back patio. Washer and dryer hookups for laundry.
- Building is in turn key condition.
- Partially finished garage currently serving as rental office can be converted ADU or installing storage bins for tenants.
Exclusively Listed By
Listing Price: $2,650,000
Investment Highlights
- Well maintained asset with limited landlord expenses. Tenants pay all all utilities. Owner has limited expenses.
- 1 Single family home with 2 bedroom/1 bath units. Each apartment has two designated off street parking spaces. Each unit has private back patio. Washer and dryer hookups for laundry.
- Building is in turn key condition.
- Partially finished garage currently serving as rental office can be converted ADU or installing storage bins for tenants.
Investment Overview
The Cherry Apartments are seven (7) apartments plus one single family multi-family complex located at 283-297 Cherry Way in the Cherryland area of unincorporated Hayward. The unit mix is 7-Two Bedroom/1 Bath and 1-Three Bedroom/1 Bath apartments. Additionally, there is a management office serving the property from a partially built garage. Recent state legislation for ADU conversion certainly offers a path for an additional permanent residential apartment. The total lot area of the asset is 0.46 acres. The property is situated in an opportunity zone. Each apartment has a private backyard. Every unit has two designated, numbered off street parking spaces. The residences possess a washer and dryer hook up for the convenience of the tenants. All dwellings have individual hot water heaters. Residents pay PG&E directly as there are separate meters for gas and electric expenses. Ownership has an established sub meter system in place for each apartment and residents reimburse landlord for their documented water usage. Tenants pay their own garbage/refuse bills. 283-297 Cherry Way is a convenient location. It is about a five-to-eight-minute drive to I-880 access points at A Street or Lewelling entries and exits. Highway 238 is another short drive connecting people to the I-580. The property is 7 miles to the San Mateo Bridge Toll Booth. The AC bus line 34 directs commuters to downtown Hayward BART Station. Residents chose to live here because it is centrally located and accessible to diverse employment and educational opportunities. The Cherry Apartments is a prime asset for an investor seeking various paths to success. The building is in turnkey condition and appeals to quality tenants. The operating expenses are low due to strategic capital improvements completed by current ownership. This investment property presents an opportunity to capture significant additional income with the unfinished garage space. Being in unincorporated Alameda County, there is no local rent control ordinance and only subject to state jurisdiction for rent increases. 283-297 Cherry Way offers stable cash flow in a deregulated marketplace with an opportunity to create income upside with a bit of creativity.
Exclusively Listed By
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