Government-Leased Office Property For
For Sale
Contact for pricing
Pending
22225 Foothill Blvd, Hayward, CA 94541
Single-tenant office building leased to Alameda County through 2029.
Property Size19,131 SF
Days on Market289
Property Features for 22225 Foothill Blvd
General Information
Standard status
Pending
Size
19,131 SF
Class
C
Property subtype
Office
Zoning
Neighborhood Commercial
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Stabilized
Building Details
Year Built
1962
Year Renovated
2024
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - San Francisco
(415) 625-2180
Listed By:
Quentin Caruso · License #02074286
Source:
Crexi
Added: Nov 6, 2025
Changed: Aug 8
Last Checked: Jul 24 at 12:46PM
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.
Centennial Square is a single-tenant office property located on Foothill Boulevard in Hayward, California. The property is leased to the County of Alameda through 2029, providing a government-backed income stream. The County has maintained a presence at Centennial Square since 1997, reflecting a long-term operational commitment. Positioned along Foothill Boulevard, one of Hayward’s main commercial corridors, Centennial Square offers visibility and regional access. The property is less than one mile from both Interstate 580 and Interstate 880, allowing connectivity throughout the East Bay and into Silicon Valley. It sits immediately adjacent to Lincoln Landing, a large-scale mixed-use redevelopment featuring new retail, restaurants, and over 470 residential units, and is within close proximity to Downtown Hayward, the BART station, and City Hall, anchoring it within the city’s civic and commercial core. The County of Alameda is rated AAA by Fitch, S&P and Moody's, supported by a $6.1 billion annual budget. The property has 19131 square feet of space. Centennial Square offers an attractive yield and pricing well below replacement cost, positioning it competitively relative to comparable commercial assets. With a secure lease through 2029, nearly three decades of County occupancy, and a location benefiting from major surrounding redevelopment, the property presents investors with a low-risk, durable cash flow opportunity backed by one of California’s strongest county credits.
Key Highlights
- Leased to County of Alameda (AAA rated) through 2029, providing secure, government‑backed income.
- Long‑term tenant: County occupancy since 1997, demonstrating commitment to the location.
- Excellent location: High visibility on Foothill Boulevard with easy access to I‑580 and I‑880.
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
$299,247
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
6.77%
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%
$5,984,940
$6.0M
Cap Rate 7%
$4,274,957
$4.3M
Cap Rate 9%
$3,324,967
$3.3M
Market Conditions
NOI Build-Up for 19,131 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
$505.1K $26.40/SF
− Vacancy
−$106.1K −$5.54/SF
EGI
$399.0K $20.86/SF
− OpEx
−$99.7K −$5.21/SF
NOI
$299.2K $15.64/SF
Area
Hayward, CA
Vacancy
21.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$5,984,940
Cap Rate 7%
$4,274,957
Cap Rate 9%
$3,324,967
Alternative Uses
Best Use
Office B
$4.27M
$3.74M – $4.99M
NOI $299,247 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.91M
$5.17M – $6.90M
NOI $413,964 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,969
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Single-tenant office building leased to Alameda County through 2029.
Where is this office building located?
The property is located at 22225 Foothill Blvd Hayward, CA.
What is the asking price?
The asking price for this property is $4,420,000.
What are key features of this property?
This property features: Leased to County of Alameda (AAA rated) through 2029, providing secure, government‑backed income.; Long‑term tenant: County occupancy since 1997, demonstrating commitment to the location.; Excellent location: High visibility on Foothill Boulevard with easy access to I‑580 and I‑880.
