Government-Leased Office Property For
22225 Foothill Blvd, Hayward, CA 94541
Call to check price and availability
Single-tenant office building leased to Alameda County through 2029.
Type:Office
Property size:
19,131 SFPrice / SF:
$231/SF- Added:
- Nov 6, 2025
- Days on Market:
- 198
- Last Refresh:
- Mar 17 at 1:17 pm
Property Features for 22225 Foothill Blvd
General Information
- Standard status
- Active
- Size
- 19,131 SF
- Property subtype
- Office
Building Details
- Year Built
- 1962
Listing agent Quentin Caruso License #02074286
Listing office Marcus & Millichap - San Francisco (415) 625-2180
Listing date Nov 6, 2025
Source Crexi
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
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.
- Adjacent to Lincoln Landing: A large‑scale mixed‑use redevelopment with retail, restaurants, and residential units.
- Below replacement cost: Attractive yield and competitive pricing compared to other East Bay commercial assets.
- Proximity to Downtown Hayward, BART, and City Hall: Anchored within the city's civic and commercial core.
Overview
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.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$3.32M
NOI $299,247 @ 9.00% cap · cautious / downside scenario
Moderate
$4.27M
NOI $299,247 @ 7.00% cap · market / base-case scenario
Aggressive
$5.98M
NOI $299,247 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $505.1k | $26.40 |
| − Vacancy | −$106.1k | −$5.54 |
| EGI | $399.0k | $20.86 |
| − OpEx | −$99.7k | −$5.21 |
| NOI | $299.2k | $15.64 |
19,131 SF · lease $26.40/SF/yr · vacancy 21.00% · expense 25.00%
Alternative Use Scenarios
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Alameda County Community ...
County Government Office
Centennial Square
Department Store
Location Insight
- Map
- Local Demand
- City
- Hayward
- County
- Alameda
- State
- California
- Longitude
- -122.0859251
- Latitude
- 37.6800705
Nearby Similar for Sale
FAQs
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.
