Schafer Place Apartments 399 Schafer Rd 30 Unit Apartment Building $11,178,143 CAD ($372,605 CAD/Unit) 7.20% Cap Rate Hayward, CA 94544

With an enticing assortment of twenty 1bd/1bth units, nine 2bd/1bth units, and one 3bd/1bth unit, this 30-unit gem (with 26 units fully renovated) guarantees a diverse and lucrative investment opportunity. Spanning across a 1.309-acre lot, complete with 47 total parking spaces, 9 covered and 38 uncovered, on-site laundry facilities, and energy-efficient solar panels, this property is ideal for seasoned or new investors. Extensive capital improvements have been made to the units, including beautifully stained hardwood-style flooring, new appliances, including GE Stainless Steel kitchen appliances, glass-top stoves, and quartz countertops. Investors are shown the potential value creation achieved by maximizing the monetization of parking fees to increase income and the opportunity to raise rents immediately.
Schafer Place Apartments is situated in Harder-Tennyson, a quaint Bay Area neighborhood in the city of Hayward. The neighborhood is conveniently located along Interstate 880 and is about 10 minutes from the parks and beaches along the San Francisco Bay, such as the Eden Landing Ecological Reserve. Hayward Executive Airport is just a short drive away, as are Southland Mall and sprawling golf courses.
Hayward is currently one of the last remaining Bay Area rental markets, with average rents just over $2,300 per month. Due to increased demand for affordable housing in the Bay Area & the recent flight to suburban locales, renters have started relocating to the Hayward market for rent relief. With overall vacancy in the City of Hayward hovering around 3% & with few housing developments in the pipeline, Hayward is expected to see tremendous rent growth as demand for housing continues to outpace supply.