22597 7th St Hayward, CA 94541-3063

This exceptional six-unit apartment building presents a compelling value-add opportunity in Hayward, CA. Located on a 0.13-acre lot at 22597 7th Street, this 3,240 square foot property boasts a desirable location equidistant from downtown Hayward and Castro Valley, offering convenient access to shopping, dining, and entertainment. Built in 1959, the two-story wood-frame building with stucco siding and a flat roof features five one-bedroom/one-bathroom units (approximately 540 sq ft each) and one two-bedroom/one-bathroom unit (approximately 887 sq ft each, per public records). Each unit includes individual entrances and two parking spaces. The property includes an on-site laundry room, adding to its tenant appeal. Currently operating at 100% occupancy (as of November 7, 2024), the property offers significant upside potential through annual rent increases and market-rate adjustments upon tenant turnover. Utilities are individually metered (PG&E), with the owner responsible for water, trash, common area lighting, and laundry. The property's strong location, coupled with the growth of nearby technology centers and easy access to Highway 880, ensures consistent demand and steady rent growth. The current Net Operating Income (NOI) is $74,620, with a pro-forma NOI of $80,849, resulting in a current cap rate of 6.32% and a pro-forma cap rate of 6.85%. The asking price is $1,180,000, representing a price per unit of $196,667 and a price per square foot of $364.20. The property is offered fee simple and features new perimeter fencing and low-maintenance landscaping. This is a turnkey investment ideal for those seeking strong returns and appreciation potential in a thriving market. APN: 427-65-18.