Hayward Flex Building For
For Sale
Contact for pricing
23978 Connecticut St, Hayward, CA 94545
20,000 SF multi-tenant flex building in Hayward's Innovation Corridor.
Property Size20,000 SF
Lot Size1.02 Acres
Price / SF$264.75
Days on Market174
Property Features for 23978 Connecticut St
General Information
Standard status
Active
Size
20,000 SF
Class
C
Lot size
1.02 Acres
Property subtype
Industrial
Zoning
IG
Building Details
Year Built
1962
Listing Agency:
City Lights
(916) 573-3314
Listed By:
Juan Reyes · License #02010568
Source:
Crexi
Added: Feb 17
Changed: Aug 8
Last Checked: Jul 23 at 7:47AM
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 City Lights
Investment Insights
Based on property information with market context.
The property at 23978 Connecticut Street is a vacant, multi-tenant flex building with an area of approximately 20,000 square feet. Situated on the corner of Depot Rd and Connecticut St, it is located in the center of Hayward's Industrial Technology and Innovation Corridor. The property includes nine separately metered units, each equipped with heavy power, roll-up doors, some office space, and a restroom. The building is positioned on a 1.02-acre lot, which is approximately 44,431 square feet, and features 34 surface-level parking spots, along with approximately 10,000 square feet of gated and fenced yard space. The location provides immediate access to Highway 92, the San Mateo Bridge, and I-880, facilitating connectivity to the East Bay, the Peninsula, and other major Bay Area submarkets. This property is suitable for both owner-users and investors, offering the possibility for a user-investor to occupy part of the building while leasing out the remaining units.
Key Highlights
- Prime location in Hayward's Industrial Technology and Innovation Corridor with immediate access to Highway 92, the San Mateo Bridge, and I‑880.
- Approximately ±20,000 SF vacant multi‑tenant flex building suitable for owner‑users or investors.
- Nine separately metered units, each with heavy power, roll‑up doors, some office space, and a restroom.
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
$256,397
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
4.84%
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%
$5,127,940
$5.1M
Cap Rate 7%
$3,662,814
$3.7M
Cap Rate 9%
$2,848,856
$2.8M
Market Conditions
NOI Build-Up for 20,000 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
$319.2K $15.96/SF
− Vacancy
−$17.6K −$0.88/SF
EGI
$301.6K $15.08/SF
− OpEx
−$45.2K −$2.26/SF
NOI
$256.4K $12.82/SF
Area
Hayward, CA
Vacancy
5.50%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
15.00%
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%
$5,127,940
Cap Rate 7%
$3,662,814
Cap Rate 9%
$2,848,856
Alternative Uses
Best Use
Warehouse
$3.66M
$3.20M – $4.27M
NOI $256,397 @ 7.0% cap · market cap 4.84%
Second Best
Industrial
$3.02M
$2.64M – $3.52M
NOI $211,151 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$6.18M
$5.41M – $7.21M
NOI $432,768 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,041
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94545, CA
33,786
Population
10,439
Households
3.2
Avg Household Size
39
Median Age
34%
College-Educated
84%
High-School Grad
14.5 sq mi
ZIP Area
2,330
Density / Sq Mi
$115,258
Median Household Income
$55,874
Median Earnings
$2,426
Median Rent
$838,800
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 20,000 SF multi-tenant flex building in Hayward's Innovation Corridor.
Where is this flex space located?
The property is located at 23978 Connecticut St Hayward, CA.
What is the asking price?
The asking price for this property is $5,295,000.
What are key features of this property?
This property features: Prime location in Hayward's Industrial Technology and Innovation Corridor with immediate access to Highway 92, the San Mateo Bridge, and I‑880.; Approximately ±20,000 SF vacant multi‑tenant flex building suitable for owner‑users or investors.; Nine separately metered units, each with heavy power, roll‑up doors, some office space, and a restroom.
