Eight-Unit Apartment
For Sale
$2,250,000
Pending
16298 Foothill Blvd, Castro Valley, CA 94578
Fully occupied residences feature uniform two-bedroom layouts, washer/dryer hookups, and surface parking.
Property Size10,000 SF
Lot Size0.47 Acres
Days on Market50
Property Features for 16298 Foothill Blvd
General Information
Standard status
Pending
Size
10,000 SF
Total Parking Spaces
18
Lot size
0.47 Acres
Property subtype
Multi Family
Occupancy
100%
Financials
Cap Rate
5.18%
Gross Rent Multiplier
12.25
Average Monthly Rent
$1,914
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Parking per Unit
2.25
Additional Details
Highway Access
Yes
Amenities
washer/dryer hookups
Building Details
Building Size
10,000 SF
Year Built
1978
Listing Agency:
Marcus & Millichap
Listed By:
Joseph Owens
(925) 808-9098
Source:
Realestatenovo
Added: Jul 30
Changed: Sep 9
Last Checked: Sep 17 at 1:01AM
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.
This apartment property contains eight uniform residences, each offering two bedrooms, one bathroom, and 928 square feet. Full-size washer/dryer hookups serve every unit, while the site provides 18 surface parking spaces across 0.47 acres. The 10,000-square-foot gross building area supports a straightforward multifamily configuration, and occupancy is currently 100%.
The property has direct access to Interstate 580, with Interstate 238 and Interstate 880 nearby for connections throughout the East Bay and broader Bay Area. Castro Valley BART is approximately a 6-minute drive, while Lake Chabot Regional Park, Eden Medical Center, San Leandro Hospital, and Target are also in the surrounding area.
Current operations reflect a 5.18% in-place cap rate and 12.25x GRM. The stated pro forma metrics are a 7.53% cap rate and 9.39x GRM.
The property has direct access to Interstate 580, with Interstate 238 and Interstate 880 nearby for connections throughout the East Bay and broader Bay Area. Castro Valley BART is approximately a 6-minute drive, while Lake Chabot Regional Park, Eden Medical Center, San Leandro Hospital, and Target are also in the surrounding area.
Current operations reflect a 5.18% in-place cap rate and 12.25x GRM. The stated pro forma metrics are a 7.53% cap rate and 9.39x GRM.
Key Highlights
- Eight 928‑square‑foot two‑bedroom, one‑bath residences
- 100% occupied multifamily property
- Full‑size washer/dryer hookups in every unit
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
$144,861
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
6.44%
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%
$2,897,220
$2.9M
Cap Rate 7%
$2,069,443
$2.1M
Cap Rate 9%
$1,609,567
$1.6M
Market Conditions
NOI Build-Up for 10,000 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
$279.6K $27.96/SF
− Vacancy
−$16.2K −$1.62/SF
EGI
$263.4K $26.34/SF
− OpEx
−$118.5K −$11.85/SF
NOI
$144.9K $14.49/SF
Area
Alameda County, CA
Vacancy
5.80%
Lease Rate
$27.96 /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%
$2,897,220
Cap Rate 7%
$2,069,443
Cap Rate 9%
$1,609,567
Alternative Uses
Best Use
Apartment 5plus
$2.07M
$1.81M – $2.41M
NOI $144,861 @ 7.0% cap · market cap 6.44%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$45.59M
$39.89M – $53.19M
NOI $3,191,265 @ 7.0% cap · market cap 141.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
602
Businesses Nearby
Explore this area
Business Placement
Demographics for 94578, CA
40,957
Population
14,819
Households
2.8
Avg Household Size
37
Median Age
25%
College-Educated
82%
High-School Grad
4.6 sq mi
ZIP Area
8,904
Density / Sq Mi
$89,149
Median Household Income
$47,672
Median Earnings
$2,077
Median Rent
$793,500
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 - Fully occupied residences feature uniform two-bedroom layouts, washer/dryer hookups, and surface parking.
Where is this apartment building located?
The property is located at 16298 Foothill Blvd Castro Valley, CA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Eight 928‑square‑foot two‑bedroom, one‑bath residences; 100% occupied multifamily property; Full‑size washer/dryer hookups in every unit
