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    Hayward Foothills Multifamily Investment Opportunity Title is generated by Realmo AI

    944 Walpert St, Hayward, CA 94541

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    For Sale
    $4,350,000

    Well-maintained 18-unit apartment building near downtown Hayward and CSU East Bay.

    Type:Commercial
    Property size:
    14,202 SF
    Price / SF:
    $306/SF
    Added:
    Oct 28, 2025
    Days on Market:
    222
    Last Refresh:
    Apr 5 at 8:20 pm

    Property Features for 944 Walpert St

    General Information

    Standard status
    Active
    Size
    14,202 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1967

    We can help!

    Listing Contact
    DAVIDE PIO
    DAVIDE PIO

    Listing agent DAVIDE PIO License #01522969

    Listing office BCRE

    Listing date Oct 28, 2025

    Source Corcoran

    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

    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.
    • Mix of unit types: Nine 1 bed/1 bath and nine 2 bed/1 bath units.
    • Recent upgrades include a new roof and electric panels (2025), and updated kitchens with stone countertops in most units.
    • Units feature desirable amenities such as backyards (1st floor) and balconies (2nd and 3rd floors) with bay views.

    Overview

    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.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $528.3k $37.20
    − Vacancy −$27.5k −$1.93
    EGI $500.8k $35.27
    − OpEx −$225.4k −$15.87
    NOI $275.5k $19.40
    14,202 SF · lease $37.20/SF/yr · vacancy 5.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $3.94M
    $3.44M – $4.59M (±1% cap)
    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 (±1% cap)
    NOI $307,309 @ 7.0% cap · market cap 7.06%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hayward
    County
    Alameda
    State
    California
    Longitude
    -122.075
    Latitude
    37.6694

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    FAQs

    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.
    (510) 222-0900
    We can help!
    Listing Contact
    DAVIDE PIO
    DAVIDE PIO
    Real Estate License ID: 01522969
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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