Hayward Cottage-Style Apartment
For Sale
$3,400,000
24656 Oneil Avenue, Hayward, CA 94544
Nine-unit apartment community with private garages in Hayward, California.
Property Size7,396 SF
Price / SF$459.71
Days on Market484
Property Features for 24656 Oneil Avenue
General Information
Standard status
Active
Size
7,396 SF
Building Details
Year Built
1957
Listing Agency:
MARCUS & MILLICHAP
Listed By:
ADAM S. LEVIN
Source:
Corcoran
Added: May 10, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of MARCUS & MILLICHAP
Investment Insights
Based on property information with market context.
Located in Hayward, California, the property at 24656, 24658, 24680 and 24682 Oneil Avenue is a nine-unit cottage-style apartment community. Constructed in 1944, 1956 and 1957, the property has a gross building area of approximately 7,396 square feet. The community is situated on four contiguous parcels of land totaling 37,850 square feet. The property consists of a duplex and seven cottage-style units, all with private garages. The units feature three-bedroom and two-bedroom floor plans, and include in-unit washers and dryers. The property is positioned near employment centers in Oakland (7.5 miles), The Peninsula (14 miles), The Tri-Valley (11 miles), and San Francisco (28 miles). Transportation corridors including Interstate 880, Interstate 580, the San Mateo-Hayward Bridge, and several BART stations provide access to these centers.
Key Highlights
- Nine‑unit cottage‑style apartment community.
- Located in Hayward, California, with proximity to major Bay Area employment centers.
- All units have private garages.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$143,453
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.22%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,869,060
$2.9M
Cap Rate 7%
$2,049,329
$2.0M
Cap Rate 9%
$1,593,922
$1.6M
Market Conditions
NOI Build-Up for 7,396 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$275.1K $37.20/SF
− Vacancy
−$14.3K −$1.93/SF
EGI
$260.8K $35.27/SF
− OpEx
−$117.4K −$15.87/SF
NOI
$143.5K $19.40/SF
Area
Hayward, CA
Vacancy
5.20%
Lease Rate
$37.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,869,060
Cap Rate 7%
$2,049,329
Cap Rate 9%
$1,593,922
Alternative Uses
Best Use
Apartment 5plus
$2.05M
$1.79M – $2.39M
NOI $143,453 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,038 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
866
Businesses Nearby
Explore this area
Business Placement
Demographics for 94544, CA
79,769
Population
23,990
Households
3.3
Avg Household Size
36
Median Age
27%
College-Educated
79%
High-School Grad
11.0 sq mi
ZIP Area
7,252
Density / Sq Mi
$108,358
Median Household Income
$48,926
Median Earnings
$2,339
Median Rent
$801,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit apartment community with private garages in Hayward, California.
Where is this apartment building located?
The property is located at 24656 Oneil Avenue Hayward, CA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Nine‑unit cottage‑style apartment community.; Located in Hayward, California, with proximity to major Bay Area employment centers.; All units have private garages.
