Multifamily Investment Opportunity in
For Sale
$2,985,000
21335 Hathaway Avenue, Hayward, CA 94541
Eight-unit multifamily property with strong income and convenient location.
Property Size6,571 SF
Lot Size0.65 Acres
Price / SF$454.27
Days on Market342
Property Features for 21335 Hathaway Avenue
General Information
Standard status
Active
Size
6,571 SF
Lot size
0.65 Acres
Property subtype
Multi-family
Building Details
Year Built
1952
Listing Agency:
REALTY EXPERTS
Listed By:
James Liu
(714) 497-3550
Source:
Sevengables
Added: Sep 25, 2025
Changed: Aug 31
Last Checked: Aug 31 at 8:31PM
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 REALTY EXPERTS
Investment Insights
Based on property information with market context.
This multifamily property presents an investment opportunity with eight fully occupied rental units. Situated on a 0.65-acre lot (28,400 sq ft), the property includes approximately 6,571 sq ft of total building/living area. The property generates approximately $193,000 in annual gross income, with monthly rental income of about $16,150. Ample parking is available for residents. The location provides convenient access to Interstate 880, offering connectivity to surrounding cities, major employment centers, and amenities.
Key Highlights
- Strong Cash Flow: Generates approximately $193,000 in annual gross income ($16,150 monthly).
- Fully Occupied: All 8 rental units are currently occupied.
- Large Lot Size: Situated on a spacious 0.65‑acre (28,400 sq ft) lot.
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
$127,452
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
4.27%
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%
$2,549,040
$2.5M
Cap Rate 7%
$1,820,743
$1.8M
Cap Rate 9%
$1,416,133
$1.4M
Market Conditions
NOI Build-Up for 6,571 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
$244.4K $37.20/SF
− Vacancy
−$12.7K −$1.93/SF
EGI
$231.7K $35.27/SF
− OpEx
−$104.3K −$15.87/SF
NOI
$127.5K $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%
$2,549,040
Cap Rate 7%
$1,820,743
Cap Rate 9%
$1,416,133
Alternative Uses
Best Use
Apartment 5plus
$1.82M
$1.59M – $2.12M
NOI $127,452 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,186 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
828
Businesses Nearby
Explore this area
Business Placement
Demographics for 94541, CA
69,736
Population
23,217
Households
3
Avg Household Size
36
Median Age
30%
College-Educated
82%
High-School Grad
7.5 sq mi
ZIP Area
9,298
Density / Sq Mi
$106,556
Median Household Income
$52,023
Median Earnings
$2,229
Median Rent
$781,900
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 - Eight-unit multifamily property with strong income and convenient location.
Where is this apartment building located?
The property is located at 21335 Hathaway Avenue Hayward, CA.
What is the asking price?
The asking price for this property is $2,985,000.
What are key features of this property?
This property features: Strong Cash Flow: Generates approximately $193,000 in annual gross income ($16,150 monthly).; Fully Occupied: All 8 rental units are currently occupied.; Large Lot Size: Situated on a spacious 0.65‑acre (28,400 sq ft) lot.
