19477 Meekland Ave - 19465-19477 Meekland Ave 12 Unit Apartment Building Offered at $4,973,862 CAD at a 7% Cap Rate Cherryland, CA 94541

19465–19477 Meekland Avenue presents a rare opportunity to acquire a true pride-of-ownership 12-unit multifamily asset in unincorporated Hayward, one of the East Bay’s most resilient and consistently performing rental submarkets. Meticulously self-managed and owned for over 30 years.
The offering consists of two parcels consisting of eight single-story buildings. This configuration creates a residential, low-density living environment with the privacy and outdoor space that continues to attract long-term tenants. The unit mix is exceptionally diverse and well-balanced, with (1) 3 Bed/2 Bath Single-Family Home (3) 3 bed/2 bath, (2) 3 bed/1 bath, (4) 2 bed/1 bath, and (2) 1 bed/1 bath units, allowing the property to capture a wide range of tenant demand from families and roommates to professionals and individuals.
The current ownership has invested significantly in the long-term performance and physical condition of the asset. All roofs have been replaced within the last two years and consist of pitched composition roofs paired with wood frame stucco construction. The property also benefits from newer asphalt throughout, a new sewer main, recently updated subpanels in select units, and double-pane windows across every unit. Select units have been thoughtfully renovated and feature updated bathrooms, new countertops, new faucets, and marble flooring, providing immediate rent-ready appeal while leaving additional upside available through continued unit-by-unit modernization. The remaining electrical subpanels consist of a mixture of Blakeman Brothers, Square D, and Murray panels.
Operational efficiency is a defining strength of this offering. All units are separately metered for both gas and electricity, each unit is equipped with its own water heater, and every unit features in-unit washer/dryer hookups. A utility bill-back program is currently in place through Livability, helping to control ownership expenses and protect long-term margins. The offering also includes a total of 37 parking spaces consisting of 14 tandem stalls and 9 single stalls. All units also enjoy private patios, further enhancing livability and supporting premium rental positioning. Additionally, 10 of the 12 units are eligible for rent increases, providing a clear and immediate path to enhanced cash flow for an incoming owner.
Beyond the in-place income and rental upside, the property also offers significant long-term development potential through the addition of Accessory Dwelling Units (ADUs) at the rear of the site. Under current California ADU legislation, multifamily properties of this size and configuration are well positioned to accommodate additional detached units, allowing a new owner to meaningfully expand the income base, increase overall property value, and capitalize on Hayward’s continued housing demand.