37-Unit Apartment
2275 Grove Way Castro Valley, CA 94546
2275 Grove Way, Castro Valley, CA, 94546
$12,950,000
For Sale
$12,950,000
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 Market175
Property Features for 2275 Grove Way
General Information
- Standard status
- Active
- Size
- 35,164 SF
- Lot size
- 1.56 Acres
- Property subtype
- 5+ Units / Five or More Units
Building Details
- Year Built
- 1964
Listing agency
Marcus & Millichap
(650) 492-0934
Listed by
Adam S. Levin · License #01462752
(650) 492-0934
Source
Compass
Added: Jan 27 Updated: Jul 21 at 1:54AM Checked: Jul 21 at 6:32AM
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.
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $983.2k | $27.96 |
| − Vacancy | −$57.0k | −$1.62 |
| EGI | $926.2k | $26.34 |
| − OpEx | −$416.8k | −$11.85 |
| NOI | $509.4k | $14.49 |
35,164 SF · lease $27.96/SF/yr · vacancy 5.80% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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
