8-Unit Multifamily
For Sale
Contact for pricing
16298 Foothill Boulevard, San Leandro, CA 94578
Uniform two-bedroom residences offer full-size washer and dryer hookups, on-site parking, and established occupancy.
Property Size7,424 SF
Lot Size0.47 Acres
Price / SF$303.07
Days on Market16
Property Features for 16298 Foothill Boulevard
General Information
Standard status
Active
Size
7,424 SF
Total Parking Spaces
18
Lot size
0.47 Acres
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$116,510
Financials
Cap Rate
5.18%
Gross Income
$174,534
Gross Rent Multiplier
12.25
Average Monthly Rent
$1,914
Units
Unit Mix
8 x 2BR/1BA 928 SF
Multifamily Units
8
Additional Details
Highway Access
Yes
Amenities
full-size washer/dryer hookups
Building Details
Year Built
1979
Buildings
2
Stories
2
Units
8
Listing Agency:
Marcus & Millichap - San Francisco
(415) 625-2149
Listed By:
Joe Owens · License #01707768
Source:
Crexi
Added: Jul 29
Changed: Aug 3
Last Checked: Aug 12 at 3:32PM
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 - San Francisco
Investment Insights
Based on property information with market context.
This eight-unit multifamily property comprises uniform two-bedroom, one-bath residences measuring 928 SF each. Every unit includes full-size washer and dryer hookups, and the property provides 18 surface parking spaces. Built in 1979, the asset occupies 0.47 acres and is currently 100% occupied.
The property has direct access to Interstate 580, with proximity to Interstate 238 and Interstate 880 for regional connectivity. Castro Valley BART is approximately a 6-minute drive, while Lake Chabot Regional Park, Eden Medical Center, San Leandro Hospital, and Target are nearby. The offering reflects a 5.18% in-place cap rate and a 7.53% pro forma cap rate, with 12.25x and 9.39x GRMs, respectively.
The property has direct access to Interstate 580, with proximity to Interstate 238 and Interstate 880 for regional connectivity. Castro Valley BART is approximately a 6-minute drive, while Lake Chabot Regional Park, Eden Medical Center, San Leandro Hospital, and Target are nearby. The offering reflects a 5.18% in-place cap rate and a 7.53% pro forma cap rate, with 12.25x and 9.39x GRMs, respectively.
Key Highlights
- Eight 928 SF two‑bedroom, one‑bath residences
- 100% occupied multifamily property
- Full‑size washer and 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
$107,545
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
4.78%
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%
$2,150,900
$2.2M
Cap Rate 7%
$1,536,357
$1.5M
Cap Rate 9%
$1,194,944
$1.2M
Market Conditions
NOI Build-Up for 7,424 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
$207.6K $27.96/SF
− Vacancy
−$12.0K −$1.62/SF
EGI
$195.5K $26.34/SF
− OpEx
−$88.0K −$11.85/SF
NOI
$107.5K $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%
$2,150,900
Cap Rate 7%
$1,536,357
Cap Rate 9%
$1,194,944
Alternative Uses
Best Use
Apartment 5plus
$1.54M
$1.34M – $1.79M
NOI $107,545 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$33.85M
$29.61M – $39.49M
NOI $2,369,195 @ 7.0% cap · market cap 105.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
642
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 - Uniform two-bedroom residences offer full-size washer and dryer hookups, on-site parking, and established occupancy.
Where is this apartment building located?
The property is located at 16298 Foothill Boulevard 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: Eight 928 SF two‑bedroom, one‑bath residences; 100% occupied multifamily property; Full‑size washer and dryer hookups in every unit
