Renovated 62-Unit Apartment
For Sale
$20,000,000
19972 Stanton Avenue Castro, Castro Valley, CA 94546
Apartment community with landscaped outdoor amenities, gated entry, covered parking, and a mix of one-, two-, and three-bedroom units.
Property Size47,827 SF
Lot Size2.92 Acres
Price / SF$418.17
Days on Market64
Property Features for 19972 Stanton Avenue Castro
General Information
Standard status
Active
Size
47,827 SF
Lot size
2.92 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
62
Amenities
landscaped courtyard with BBQ area
covered carport parking
on-site laundry facilities
gated electronic entrance
24-hour emergency maintenance
dog park
ceiling fans
oak cabinets
white appliances
granite countertops
private patios or balconies
Security System
Wall Furnace
Water - Public, Tar/Gravel
Building Details
Year Built
1961
Listing Agency:
Marcus & Millichap
(650) 391-1782
Listed By:
Adam S. Levin · License #(S):CA:01462752
(650) 391-1782
Source:
Kw
Added: Jun 20
Changed: Aug 22
Last Checked: Aug 22 at 12:45PM
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.
Mosaic Apartments is a 62-unit apartment community built in 1961 on 2.92 acres in Castro Valley, California. The property contains 47,827 total SF of gross livable area with one-, two-, and three-bedroom units. Interior features include ceiling fans, oak cabinets, white appliances, granite countertops, private patios or balconies, security systems, and wall furnaces.
The community offers a landscaped courtyard with a BBQ area, covered carport parking, on-site laundry, a gated electronic entrance, 24-hour emergency maintenance, and a dog park. Exterior features include public water and tar/gravel construction. Renovation work has been completed throughout the property, including full interior renovations in 30 of the 62 units with high-end designer finishes.
The community offers a landscaped courtyard with a BBQ area, covered carport parking, on-site laundry, a gated electronic entrance, 24-hour emergency maintenance, and a dog park. Exterior features include public water and tar/gravel construction. Renovation work has been completed throughout the property, including full interior renovations in 30 of the 62 units with high-end designer finishes.
Key Highlights
- 62‑unit apartment community on 2.92 acres
- 47,827 total SF of gross livable area
- One-, two-, and three‑bedroom unit mix
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
$692,826
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
3.46%
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%
$13,856,520
$13.9M
Cap Rate 7%
$9,897,514
$9.9M
Cap Rate 9%
$7,698,067
$7.7M
Market Conditions
NOI Build-Up for 47,827 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
$1.34M $27.96/SF
− Vacancy
−$77.6K −$1.62/SF
EGI
$1.26M $26.34/SF
− OpEx
−$566.9K −$11.85/SF
NOI
$692.8K $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%
$13,856,520
Cap Rate 7%
$9,897,514
Cap Rate 9%
$7,698,067
Alternative Uses
Best Use
Apartment 5plus
$9.90M
$8.66M – $11.55M
NOI $692,826 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$218.04M
$190.79M – $254.38M
NOI $15,262,863 @ 7.0% cap · market cap 76.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
62
Residential units
Location Intelligence
Trade Area within ½ mile
1,567
Businesses Nearby
Explore this area
Business Placement
Demographics for 94546, CA
46,687
Population
16,398
Households
2.8
Avg Household Size
40
Median Age
41%
College-Educated
90%
High-School Grad
16.0 sq mi
ZIP Area
2,918
Density / Sq Mi
$125,780
Median Household Income
$66,737
Median Earnings
$2,506
Median Rent
$976,300
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 - Apartment community with landscaped outdoor amenities, gated entry, covered parking, and a mix of one-, two-, and three-bedroom units.
Where is this apartment building located?
The property is located at 19972 Stanton Avenue Castro Castro Valley, CA.
What is the asking price?
The asking price for this property is $20,000,000.
What are key features of this property?
This property features: 62‑unit apartment community on 2.92 acres; 47,827 total SF of gross livable area; One-, two-, and three‑bedroom unit mix
