7.20% Year-1 Cap Rate- Hayward, CA 19465 Meekland Ave 11 Unit Apartment Building $5,478,986 CAD ($498,090 CAD/Unit) 6.83% Cap Rate Cherryland, CA 94541

This offering at 19465-19477 Meekland Avenue, in unincorporated Hayward, CA is an 11-unit apartment complex with additional non-conforming office on two parcels in an area that is experiencing dramatic rent growth. The current owners have owned the property for several decades and have meticulously maintained and cared for the asset, such that both the property exterior, and unit interiors are in excellent shape.
 
The first parcel at 19465 Meekland was constructed circa 1957 and the second parcel at 19477 was constructed circa 1961– both of wood frame with stucco siding, with pitched composite roofs. The properties benefit from a new sewer main, newer roofs on most buildings, and double-paned windows for most units. The property sits on two spacious parcel with a total of 0.79 acres (per county records) and is currently operated as eleven units plus a bonus office (shows as twelve-units total per county records). The property contains ample parking with fourteen tandem parking spaces and nine single parking spaces.
 
The complex unit layouts consist of a mix of three-bedroom two-bath, three-bedroom one-bath, two-bedroom two-bath, two-bedroom one-bath, and a single freestanding one-bedroom one-bath unit. All units are single-story and the majority feature washer/dryer hookups in the rear patio area. Units are individually metered for gas and electric and the owner currently utilizes www.livability.com for reimbursement of water & garbage usage ensuring minimal utility expenses for the owner.
 
The owner has self-managed the complex and tenants have been carefully screened and selected such that the building benefits from stable, responsible tenants. This offering provides a new buyer with the opportunity to acquire an extremely well kept, 100% occupied, highly improved investment with renovated unit interiors, and extremely strong rental demand. the property further benefits from its location in unincorporated Hayward which allows owners to avoid the City of Hayward rental restrictions. The tenants are due for the allowable 1482-AB annual rent increases allowing immediate upside. Easy access to Hwy 880 a few minutes away allows tenants to easily reach the high-tech job centers of Oakland, San Mateo, and Santa Clara ensuring constant demand by gainfully employed tenants.