18-Unit Apartment
For Sale
$4,325,000
944 Walpert St, Hayward, CA 94541
Well-maintained three-story multifamily with an elevator, covered parking, and a mix of 1- and 2-bedroom units.
Property Size14,202 SF
Days on Market118
Property Features for 944 Walpert St
General Information
Standard status
Active
Size
14,202 SF
Total Parking Spaces
26
Property subtype
Multi Family
Additional Details
Cap Rate
6.95%
Highway Access
Yes
Multifamily Units
18
Building Details
Building Size
14,202 SF
Year Built
1967
Stories
3
Tenancy
Multi
Listing Agency:
BCRE
Listed By:
Davide Pio, · License #01522969
(510) 815-2000
Source:
Realestatenovo
Added: May 29
Changed: Sep 17
Last Checked: Sep 22 at 9:24PM
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.
This apartment building comprises eighteen (18) units across three floors, including nine one-bedroom/one-bath residences and nine two-bedroom/one-bath residences. The property is elevator-served, with a laundry room available on two floors. Covered parking includes eighteen (18) spaces plus eight additional uncovered spaces, which are rented for a fee.
Recent upgrades support an updated, operationally efficient setting. Improvements cited include a new roof and electric panels installed in 2025, SB 721 balcony clearance planned for 2026, and most units updated with modern open kitchens featuring stone countertops. The asset has been well-maintained and upgraded over the years.
Located in the Mission/Foothills area of Hayward, the property is under one mile from downtown Hayward and Hayward BART, and about 1.5 miles from CSU East Bay. Access to regional commuting is supported by quick drives to the Highway 580/238 interchange and the 880/92 freeway, connecting to San Francisco, Silicon Valley, and the peninsula. The unit mix and common amenities make the building well-suited for an investor seeking a turn-key multifamily with practical in-place features.
Recent upgrades support an updated, operationally efficient setting. Improvements cited include a new roof and electric panels installed in 2025, SB 721 balcony clearance planned for 2026, and most units updated with modern open kitchens featuring stone countertops. The asset has been well-maintained and upgraded over the years.
Located in the Mission/Foothills area of Hayward, the property is under one mile from downtown Hayward and Hayward BART, and about 1.5 miles from CSU East Bay. Access to regional commuting is supported by quick drives to the Highway 580/238 interchange and the 880/92 freeway, connecting to San Francisco, Silicon Valley, and the peninsula. The unit mix and common amenities make the building well-suited for an investor seeking a turn-key multifamily with practical in-place features.
Key Highlights
- 18‑unit, three‑story multifamily property built in 1967, including an elevator serving all 3 floors
- Unit mix: nine 1 bed/1 bath units and nine 2 bed/1 bath units
- Parking income: 18 covered spaces plus 8 additional uncovered spaces rented for a fee
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
6.37%
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 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.39M
$3.84M – $5.12M
NOI $307,309 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
18
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,472
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained three-story multifamily with an elevator, covered parking, and a mix of 1- and 2-bedroom units.
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 $4,325,000.
What are key features of this property?
This property features: 18‑unit, three‑story multifamily property built in 1967, including an elevator serving all 3 floors; Unit mix: nine 1 bed/1 bath units and nine 2 bed/1 bath units; Parking income: 18 covered spaces plus 8 additional uncovered spaces rented for a fee
