Occupied Apartment Building with
For Sale
$2,250,000
16298 Foothill Blvd Castro, San Leandro, CA 94578
Eight uniform residences offer washer/dryer hookups, surface parking, and convenient access to regional transportation and employment centers.
Property Size10,000 SF
Lot Size0.47 Acres
Price / SF$225
Days on Market44
Property Features for 16298 Foothill Blvd Castro
General Information
Standard status
Active
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
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Parking per Unit
2.25
Amenities
washer/dryer hookups
Forced Air
Gas Water Heater
Master Electric Meter, Master Gas Meter, Shingle
Building Details
Year Built
1978
Listing Agency:
Marcus & Millichap
Listed By:
Joseph Owens
(510) 379-1200
Source:
Kw
Added: Jul 31
Changed: Sep 12
Last Checked: Sep 12 at 11:03AM
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 occupied apartment property contains eight identical residences, each measuring 928 square feet with two bedrooms, one bathroom, and full-size washer/dryer hookups. The building provides 10,000 square feet of gross area on 0.47 acres, with 18 surface parking spaces. Interior features include forced-air heating and a gas water heater, while the property has master electric and gas meters and shingle exterior construction.
The property has direct access to Interstate 580, with connections to Interstate 238 and Interstate 880 serving San Leandro, Oakland, Hayward, and the broader Bay Area. Castro Valley BART is approximately a 6-minute drive, and nearby destinations include Lake Chabot Regional Park, Eden Medical Center, San Leandro Hospital, and Target.
The property has direct access to Interstate 580, with connections to Interstate 238 and Interstate 880 serving San Leandro, Oakland, Hayward, and the broader Bay Area. Castro Valley BART is approximately a 6-minute drive, and nearby destinations include Lake Chabot Regional Park, Eden Medical Center, San Leandro Hospital, and Target.
Key Highlights
- 8‑unit multifamily property with 100% occupancy
- Eight 928‑square‑foot residences, each with 2 bedrooms and 1 bathroom
- Full‑size washer/dryer hookups in every residence
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
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Current Use
Lease Details
8
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
816
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight uniform residences offer washer/dryer hookups, surface parking, and convenient access to regional transportation and employment centers.
Where is this apartment building located?
The property is located at 16298 Foothill Blvd Castro San Leandro, 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: 8‑unit multifamily property with 100% occupancy; Eight 928‑square‑foot residences, each with 2 bedrooms and 1 bathroom; Full‑size washer/dryer hookups in every residence
