Hayward Foothills Multifamily Investment
For Sale
$4,350,000
944 Walpert St, Hayward, CA 94541
Well-maintained 18-unit apartment building near downtown Hayward and CSU East Bay.
Property Size14,202 SF
Price / SF$306.29
Days on Market288
Property Features for 944 Walpert St
General Information
Standard status
Active
Size
14,202 SF
Property subtype
Commercial
Amenities
1 Parking Space/Unit
Assigned Spaces
Baseboard Heating
Community Facility
Corner
Hardwood Flooring
In Laundry Room
Laundry Facility - Coin-Op
Tar & Gravel Roof
Building Details
Year Built
1967
Listing Agency:
BCRE
(510) 222-0900
Listed By:
DAVIDE PIO · License #01522969
Source:
Corcoran
Added: Oct 28, 2025
Changed: Aug 8
Last Checked: Apr 5 at 8:20PM
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 BCRE
Investment Insights
Based on property information with market context.
The multifamily asset at 944 Fletcher Ln (alt addrs: 944 Walpert St) features eighteen units, with nine units offering 1 bed / 1 bath layouts and the other nine units featuring 2 beds / 1 bath. The property has been well-maintained and upgraded over the years. Improvements include a new roof and electric panels planned for 2025, and most units have been updated to modern open kitchens with stone countertops. Some first-floor units include backyards, while others on the second and third floors have balconies. West-facing units offer views stretching to the bay. The property includes 18 covered parking spaces and 8 uncovered spaces, which are rented for a fee. An elevator serves all three floors, and laundry rooms are located on two floors. The property allows for a turn-key investment with upside in the Hayward foothills. Located in the Mission / Foothills neighborhood, the property is under one mile from downtown Hayward and the Hayward BART station, and 1.5 miles from CSU East Bay. It is a short drive from the Highway 580 / 238 interchange and the 880 / 92 freeway, providing connections to San Francisco, Silicon Valley, and the peninsula. The property size is 14202 square feet. The current cap rate is 5.73% with a gross rent multiplier of 9.77. The proforma cap rate is 6.68% with a gross rent multiplier of 8.98.
Key Highlights
- Proforma Cap Rate of 6.68% and GRM of 8.98 indicate strong investment potential.
- Prime location: Less than 1 mile to downtown Hayward and BART station, and 1.5 miles to CSU East Bay.
- Easy access to Highways 580/238 and 880/92 for convenient commuting to San Francisco, Silicon Valley, and the Peninsula.
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
$275,463
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
6.33%
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%
$5,509,260
$5.5M
Cap Rate 7%
$3,935,186
$3.9M
Cap Rate 9%
$3,060,700
$3.1M
Market Conditions
NOI Build-Up for 14,202 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
$528.3K $37.20/SF
− Vacancy
−$27.5K −$1.93/SF
EGI
$500.8K $35.27/SF
− OpEx
−$225.4K −$15.87/SF
NOI
$275.5K $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%
$5,509,260
Cap Rate 7%
$3,935,186
Cap Rate 9%
$3,060,700
Alternative Uses
Best Use
Apartment 5plus
$3.94M
$3.44M – $4.59M
NOI $275,463 @ 7.0% cap · market cap 6.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.39M
$3.84M – $5.12M
NOI $307,309 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,831
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 - Well-maintained 18-unit apartment building near downtown Hayward and CSU East Bay.
Where is this apartment building located?
The property is located at 944 Walpert St Hayward, CA.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: Proforma Cap Rate of 6.68% and GRM of 8.98 indicate strong investment potential.; Prime location: Less than 1 mile to downtown Hayward and BART station, and 1.5 miles to CSU East Bay.; Easy access to Highways 580/238 and 880/92 for convenient commuting to San Francisco, Silicon Valley, and the Peninsula.
