30-Unit Apartment Building with
New
For Sale
$8,095,000
399 Schafer Rd, Hayward, CA 94544
Multifamily property with updated interiors, on-site laundry, and solar panels.
Property Size17,430 SF
Price / SF$464.43
Days on Market7
Property Features for 399 Schafer Rd
General Information
Standard status
Active
Size
17,430 SF
Total Parking Spaces
47
Property subtype
Multi Family
Units
Unit Mix
20 x 1bd/1bth, 9 x 2bd/1bth, 1 x 3bd/1bth
Multifamily Units
30
Amenities
on-site laundry facility
solar panels
Building Details
Year Built
1962
Listing Agency:
The Pinza Group, Inc
(510) 788-6045
Listed By:
Steven Pinza · License #01867691
(510) 788-6045
Source:
Exitrealty
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 30 at 4:08PM
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 The Pinza Group, Inc
Investment Insights
Based on property information with market context.
This 30-unit apartment property includes 20 one-bedroom, one-bath units, 9 two-bedroom, one-bath units, and 1 three-bedroom, one-bath unit. A total of 26 units have been renovated, with updated kitchens and bathrooms featuring contemporary finishes. Property improvements also include 100-gallon water heaters, new asphalt and striping, and refreshed exterior paint.
Parking includes 9 covered carports and 38 uncovered spaces. Residents have access to an on-site laundry facility, while solar panels help offset electrical consumption. The property is located at 399 Schafer Rd in Hayward, near restaurants, shopping, commute options, and Downtown Hayward.
Parking includes 9 covered carports and 38 uncovered spaces. Residents have access to an on-site laundry facility, while solar panels help offset electrical consumption. The property is located at 399 Schafer Rd in Hayward, near restaurants, shopping, commute options, and Downtown Hayward.
Key Highlights
- 30 units: 20 one‑bedroom, 9 two‑bedroom, and 1 three‑bedroom
- 26 of 30 units renovated with updated kitchens and bathrooms
- Parking includes 9 covered carports and 38 uncovered spaces
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
$338,074
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
4.18%
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%
$6,761,480
$6.8M
Cap Rate 7%
$4,829,629
$4.8M
Cap Rate 9%
$3,756,378
$3.8M
Market Conditions
NOI Build-Up for 17,430 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
$648.4K $37.20/SF
− Vacancy
−$33.7K −$1.93/SF
EGI
$614.7K $35.27/SF
− OpEx
−$276.6K −$15.87/SF
NOI
$338.1K $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%
$6,761,480
Cap Rate 7%
$4,829,629
Cap Rate 9%
$3,756,378
Alternative Uses
Best Use
Apartment 5plus
$4.83M
$4.23M – $5.63M
NOI $338,074 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.39M
$4.71M – $6.29M
NOI $377,157 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
Explore this area
Business Placement
Demographics for 94544, CA
79,769
Population
23,990
Households
3.3
Avg Household Size
36
Median Age
27%
College-Educated
79%
High-School Grad
11.0 sq mi
ZIP Area
7,252
Density / Sq Mi
$108,358
Median Household Income
$48,926
Median Earnings
$2,339
Median Rent
$801,900
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 updated interiors, on-site laundry, and solar panels.
Where is this apartment building located?
The property is located at 399 Schafer Rd Hayward, CA.
What is the asking price?
The asking price for this property is $8,095,000.
What are key features of this property?
This property features: 30 units: 20 one‑bedroom, 9 two‑bedroom, and 1 three‑bedroom; 26 of 30 units renovated with updated kitchens and bathrooms; Parking includes 9 covered carports and 38 uncovered spaces
