Value-Add Fourplex
For Sale
$1,488,888
25684 Spring Dr, Hayward, CA 94542
Well-maintained fourplex with spacious units, each including an additional bonus room and strong current occupancy.
Property Size4,031 SF
Price / SF$369.36
Days on Market50
Property Features for 25684 Spring Dr
General Information
Standard status
Active
Size
4,031 SF
Property subtype
Multi Family
Occupancy
50%
Additional Details
Multifamily Units
4
Amenities
bonus room
Building Details
Year Built
1969
Tenancy
Multi
Listing Agency:
New Cal Realty
(925) 249-2400
Listed By:
Heman Galzie · License #01422754
(415) 725-6000
Source:
Exitrealty
Added: Jul 20
Changed: Sep 1
Last Checked: Sep 7 at 6:39AM
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 New Cal Realty
Investment Insights
Based on property information with market context.
This well-maintained fourplex offers four residential units, each with an additional bonus room that can serve as a home office, nursery, or flex space. Two units are currently leased, while the remaining two units are projected at market rents of $2,395 per month, creating potential upside for an investor.
The property is located in Hayward, just minutes from Cal State East Bay, with convenient access to shopping, dining, public transportation, major commuter routes, and regional employers. BikeScore is 65 (Bikeable), WalkScore is 73 (Very Walkable), and transitScore is 33 (Some Transit).
The owner pays water and garbage, which may simplify tenant utility obligations. The asset is positioned as a value-add opportunity based on the in-place occupancy and projected market-rent outlook for the unleased units.
The property is located in Hayward, just minutes from Cal State East Bay, with convenient access to shopping, dining, public transportation, major commuter routes, and regional employers. BikeScore is 65 (Bikeable), WalkScore is 73 (Very Walkable), and transitScore is 33 (Some Transit).
The owner pays water and garbage, which may simplify tenant utility obligations. The asset is positioned as a value-add opportunity based on the in-place occupancy and projected market-rent outlook for the unleased units.
Key Highlights
- Well‑maintained fourplex built in 1969 with spacious units
- Each unit includes an additional bonus room for office, nursery, or flex space
- Current occupancy: 2 units leased
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
$86,907
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
5.84%
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%
$1,738,140
$1.7M
Cap Rate 7%
$1,241,529
$1.2M
Cap Rate 9%
$965,633
$965.6K
Market Conditions
NOI Build-Up for 4,031 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
$130.6K $32.40/SF
− Vacancy
−$6.5K −$1.60/SF
EGI
$124.2K $30.80/SF
− OpEx
−$37.2K −$9.24/SF
NOI
$86.9K $21.56/SF
Area
Hayward, CA
Vacancy
4.94%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,738,140
Cap Rate 7%
$1,241,529
Cap Rate 9%
$965,633
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.09M – $1.45M
NOI $86,907 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$1.12M
$977.3K – $1.30M
NOI $78,186 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$1.25M
$1.09M – $1.45M
NOI $87,224 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
569
Businesses Nearby
Explore this area
Business Placement
Demographics for 94542, CA
15,691
Population
5,232
Households
3
Avg Household Size
36
Median Age
48%
College-Educated
89%
High-School Grad
8.7 sq mi
ZIP Area
1,804
Density / Sq Mi
$131,989
Median Household Income
$58,093
Median Earnings
$2,605
Median Rent
$1,085,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained fourplex with spacious units, each including an additional bonus room and strong current occupancy.
Where is this quadplex located?
The property is located at 25684 Spring Dr Hayward, CA.
What is the asking price?
The asking price for this property is $1,488,888.
What are key features of this property?
This property features: Well‑maintained fourplex built in 1969 with spacious units; Each unit includes an additional bonus room for office, nursery, or flex space; Current occupancy: 2 units leased
