37-Unit Apartment
For Sale
$12,950,000
2275 Grove Way, Castro Valley, CA 94546
Multi-family income property with 37 units across one- and two-bedroom townhouse-style floor plans.
Property Size35,164 SF
Lot Size1.56 Acres
Price / SF$368.27
Days on Market276
Property Features for 2275 Grove Way
General Information
Standard status
Active
Size
35,164 SF
Lot size
1.56 Acres
Property subtype
General Commercial
Additional Details
Multifamily Units
37
Amenities
3
Composition
74 Parking Spaces.
Building Details
Year Built
1964
Listing Agency:
Marcus & Millichap
(650) 391-1700
Listed By:
Adam S. Levin · License #(S):CA:01462752
(650) 492-0934
Source:
Xome
Added: Jan 25
Changed: Sep 4
Last Checked: Oct 26 at 10:46PM
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
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Investment Insights
Based on property information with market context.
Terra Castro Valley is a 37-unit apartment community built in 1964, totaling approximately 35,164 square feet on a 1.56-acre parcel. The property includes one-bedroom and two-bedroom townhouse-style floor plans. The community has undergone extensive capital improvements, including updated kitchens in select units with granite countertops, stainless steel appliances, hardwood-style flooring, and renovated bathrooms.
Located in Castro Valley, California in the East Bay, the property is positioned for commuter convenience with easy access to the San Mateo-Hayward and Dumbarton Bridges, connecting to major tech employers in Santa Clara County.
The current unit mix supports a range of household sizes through one-bedroom and two-bedroom townhouse-style layouts, with select unit renovations reflecting recent upgrades throughout the community.
Located in Castro Valley, California in the East Bay, the property is positioned for commuter convenience with easy access to the San Mateo-Hayward and Dumbarton Bridges, connecting to major tech employers in Santa Clara County.
The current unit mix supports a range of household sizes through one-bedroom and two-bedroom townhouse-style layouts, with select unit renovations reflecting recent upgrades throughout the community.
Key Highlights
- 37‑unit apartment community in Castro Valley, CA on a 1.56‑acre parcel
- Built in 1964 with approximately 35,164 SF of building area
- Unit mix includes one‑bedroom and two‑bedroom townhouse‑style floor plans
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$509,388
Cap Rate
3.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,187,760
$10.2M
Cap Rate 7%
$7,276,971
$7.3M
Cap Rate 9%
$5,659,867
$5.7M
Market Conditions
NOI Build-Up for 35,164 SF
Gross rent
$983.2K $27.96/SF
− Vacancy
−$57.0K −$1.62/SF
EGI
$926.2K $26.34/SF
− OpEx
−$416.8K −$11.85/SF
NOI
$509.4K $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 Rate 5%
$10,187,760
Cap Rate 7%
$7,276,971
Cap Rate 9%
$5,659,867
Alternative Uses
Best Use
Apartment 5plus
$7.28M
$6.37M – $8.49M
NOI $509,388 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$160.31M
$140.27M – $187.03M
NOI $11,221,764 @ 7.0% cap · market cap 86.65%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
37
Residential units
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Multi-family income property with 37 units across one- and two-bedroom townhouse-style floor plans.
Where is this apartment building located?
The property is located at 2275 Grove Way Castro Valley, CA.
What is the asking price?
The asking price for this property is $12,950,000.
What are key features of this property?
This property features: 37‑unit apartment community in Castro Valley, CA on a 1.56‑acre parcel; Built in 1964 with approximately 35,164 SF of building area; Unit mix includes one‑bedroom and two‑bedroom townhouse‑style floor plans
