Eight-Unit Apartment
For Sale
$2,650,000
283 Cherry Way, Hayward, CA 94541
Multifamily property with private outdoor space, dedicated parking, and individually metered utilities for gas and electric service.
Property Size5,647 SF
Lot Size0.46 Acres
Days on Market111
Property Features for 283 Cherry Way
General Information
Standard status
Active
Size
5,647 SF
Total Parking Spaces
16
Lot size
0.46 Acres
Property subtype
Multifamily
Occupancy
100%
Financials
Cap Rate
5.44%
Opportunity Zone
Yes
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
7 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
8
Parking per Unit
2
Amenities
private backyard
washer/dryer hookup
individual hot water heaters
Well maintained asset with limited landlord expenses. Tenants pay all all utilities. Owner has limited expenses.
1 Single family home with 2 bedroom/1 bath units. Each apartment has two designated off street parking spaces. Each unit has private back patio. Washer and dryer hookups for laundry.
Building is in turn key condition.
Partially finished garage currently serving as rental office can be converted ADU or installing storage bins for tenants.
Building Details
Building Size
5,647 SF
Units
8
Listing Agency:
Marcus & Millichap - Palo Alto
(510) 379-1285
Listed By:
Ethan H. Pintard · License #License(s): CA: 01255311
(510) 379-1285
Source:
Marcusmillichap
Added: May 14
Changed: Aug 31
Last Checked: Aug 31 at 1:07PM
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 - Palo Alto
Investment Insights
Based on property information with market context.
This eight-unit multifamily property at 283-297 Cherry Way includes seven two-bedroom, one-bath apartments and one three-bedroom, one-bath apartment. The residences feature private backyards, two designated off-street parking spaces per unit, washer and dryer hookups, and individual hot water heaters. A management office operates from a partially constructed garage. The property occupies 0.46 acres and is located within an opportunity zone.
Separate gas and electric meters allow residents to pay PG&E directly. Each apartment also has a water submeter, with residents reimbursing documented usage, while tenants pay their own refuse charges. The property is approximately a five-to-eight-minute drive from I-880 access at A Street or Lewelling, with Highway 238 providing a connection to I-580. The San Mateo Bridge toll booth is 7 miles away, and AC Transit bus line 34 serves the downtown Hayward BART Station.
Separate gas and electric meters allow residents to pay PG&E directly. Each apartment also has a water submeter, with residents reimbursing documented usage, while tenants pay their own refuse charges. The property is approximately a five-to-eight-minute drive from I-880 access at A Street or Lewelling, with Highway 238 providing a connection to I-580. The San Mateo Bridge toll booth is 7 miles away, and AC Transit bus line 34 serves the downtown Hayward BART Station.
Key Highlights
- Eight apartments: 7 two‑bedroom/1 bath and 1 three‑bedroom/1 bath
- 0.46‑acre multifamily property in an opportunity zone
- Two designated, numbered off‑street parking spaces for every apartment
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
$109,530
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
4.13%
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%
$2,190,600
$2.2M
Cap Rate 7%
$1,564,714
$1.6M
Cap Rate 9%
$1,217,000
$1.2M
Market Conditions
NOI Build-Up for 5,647 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
$210.1K $37.20/SF
− Vacancy
−$10.9K −$1.93/SF
EGI
$199.1K $35.27/SF
− OpEx
−$89.6K −$15.87/SF
NOI
$109.5K $19.40/SF
Area
Hayward, CA
Vacancy
5.20%
Lease Rate
$37.20 /SF/Yr
Expense Ratio
45.00%
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%
$2,190,600
Cap Rate 7%
$1,564,714
Cap Rate 9%
$1,217,000
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.37M – $1.83M
NOI $109,530 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,192 @ 7.0% cap · market cap 4.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
Explore this area
Business Placement
Demographics for 94541, CA
69,736
Population
23,217
Households
3
Avg Household Size
36
Median Age
30%
College-Educated
82%
High-School Grad
7.5 sq mi
ZIP Area
9,298
Density / Sq Mi
$106,556
Median Household Income
$52,023
Median Earnings
$2,229
Median Rent
$781,900
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?
Apartment building - Multifamily property with private outdoor space, dedicated parking, and individually metered utilities for gas and electric service.
Where is this apartment building located?
The property is located at 283 Cherry Way Hayward, CA.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Eight apartments: 7 two‑bedroom/1 bath and 1 three‑bedroom/1 bath; 0.46‑acre multifamily property in an opportunity zone; Two designated, numbered off‑street parking spaces for every apartment
