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Multifamily

283 Cherry Way

283 Cherry Way, Hayward, CA 94541

Listing Price: $3,600,000

Cap Rate
3.37%
Number of Units
8
Occupancy
98.0%
Price/Unit
$450,000
Price/Gross SF
$398.98
Gross SF
9,023

Investment Overview

Marcus & Millichap is proud to exclusively present 283 Cherry Way in Hayward, California. 283 Cherry Way is an eight-unit multifamily complex located in the Cherryland Neighborhood. The subject is made up of seven two-bedroom units and one three-bedroom/one-bath single-family home. The property also includes a ninth unit that has never been rented built out in the garage, which has only been used by the Seller as an office. The ninth unit is a two-bedroom/one-bath unit with tile floors. 283 Cherry presents the Buyer with the opportunity to purchase a stable strong performing asset in a good neighborhood that still has legitimate upside. That upside comes from two sources: the non-approved unit that has never been rented (and is not included in the current financial numbers), as well as several units with residents who have been onsite for more than 10 years and have below market rents. The right buyer will see the opportunity to purchase a complex that has strong historic financials and suffers very little vacancy due to the unit make up and location, with the ability to take the Market Cap rate to over five by getting Market Rents and renting the non-approved unit. That combination in the area would exceed the current cap rates surrounding it by over one percent on historic sales. The property is also located within the County, and not the city proper, meaning that the buyer will not be subject to Hayward Rent Control, just the Statewide Rent Control. Today, Hayward is a growing city in Alameda County with easy access to the Heart of Silicon Valley via the San Mateo Bridge, and San Francisco, Oakland and the rest of the East Bay via Bart. Thus, residents have the ability to easily access multiple job markets while taking advantage of the relatively quiet neighborhood surrounding the property. The savvy Buyer will see the opportunity to take advantage of the current market to purchase a strong property with upside at all time low Interest Rates.

Investment Highlights

  • Attractive Unit Mix
  • Support Structure, 9th Unit Two- Bedroom that has never been Rented could Generate $2,000/Month in Rent
  • Unincorporated Cherry Land Neighborhood of Hayward
  • Every Unit has a Large Backyard

Exclusively Listed By

Multifamily

283 Cherry Way

Listing Price: $3,600,000

Cap Rate
3.37%
Number of Units
8
Occupancy
98.0%
Price/Unit
$450,000
Price/Gross SF
$398.98
Gross SF
9,023

Investment Highlights

  • Attractive Unit Mix
  • Support Structure, 9th Unit Two- Bedroom that has never been Rented could Generate $2,000/Month in Rent
  • Unincorporated Cherry Land Neighborhood of Hayward
  • Every Unit has a Large Backyard

Investment Overview

Marcus & Millichap is proud to exclusively present 283 Cherry Way in Hayward, California. 283 Cherry Way is an eight-unit multifamily complex located in the Cherryland Neighborhood. The subject is made up of seven two-bedroom units and one three-bedroom/one-bath single-family home. The property also includes a ninth unit that has never been rented built out in the garage, which has only been used by the Seller as an office. The ninth unit is a two-bedroom/one-bath unit with tile floors. 283 Cherry presents the Buyer with the opportunity to purchase a stable strong performing asset in a good neighborhood that still has legitimate upside. That upside comes from two sources: the non-approved unit that has never been rented (and is not included in the current financial numbers), as well as several units with residents who have been onsite for more than 10 years and have below market rents. The right buyer will see the opportunity to purchase a complex that has strong historic financials and suffers very little vacancy due to the unit make up and location, with the ability to take the Market Cap rate to over five by getting Market Rents and renting the non-approved unit. That combination in the area would exceed the current cap rates surrounding it by over one percent on historic sales. The property is also located within the County, and not the city proper, meaning that the buyer will not be subject to Hayward Rent Control, just the Statewide Rent Control. Today, Hayward is a growing city in Alameda County with easy access to the Heart of Silicon Valley via the San Mateo Bridge, and San Francisco, Oakland and the rest of the East Bay via Bart. Thus, residents have the ability to easily access multiple job markets while taking advantage of the relatively quiet neighborhood surrounding the property. The savvy Buyer will see the opportunity to take advantage of the current market to purchase a strong property with upside at all time low Interest Rates.

Exclusively Listed By

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