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The Palms Apartments / 550 Berry Ave 550 Berry Ave 44 Unit Apartment Building $16,797,745 CAD ($381,767 CAD/Unit) 6% Cap Rate Hayward, CA 94544
Investment Highlights
- One of the Most Desirable Locations / Neighborhoods in Hayward. Durable Rents w/ Excellent Upside.
- CAP Rate: In-Place: 6.00% / Pro-Forma: 7.41% / GRM: In-Place: 10.6 / Pro-Forma: 9.2
- Excellent Curb Appeal. Secured Center Courtyard w/ Numerous Tenant Amenities
- Low Turnover. Easy to Rent and Manage.
- Cost/Unit: $274,000/Door / Cost/SF: $389/SF
- Reposition Ideas: Add Dishwashers, Recessed Lighting, Flooring Upgrades
Executive Summary
ONE OF THE BEST LOCATIONS IN HAYWARD:
Rarely Available 44-Unit Multifamily Asset in the Desirable Jackson Triangle Submarket/Neighborhood
Property Commands Superior Rents and Higher Occupancy Due to its Desirable Location
Peaceful, Quiet Setting in a Residential Neighborhood Amongst Single Family Homes and Multifamily Properties
Excellent Location with Minimal Thoroughfare Traffic - Offering Desirable Rental With Upside in Pro-Forma Rents
PRIDE-OF-OWNERSHIP PROPERTY:
Well-Maintained, Pride-of-Ownership Property w/ Excellent Curb Appeal
Fully Secured Building w/ Remote-Controlled Main Entry Gate
Gated-Community Offers Park-Like Setting, and Secured Perimeter Appeal to Couples or Families With Children
DESIRABLE PROPERTY FEATURES & NICE CURB APPEAL:
Excellent Unit Mix: 26 Spacious 1 Bedroom/1 Bath (+/- 663 SF), and 18 Spacious 2 Bedroom/1 Bath (+/- 765 SF) Units
Current Property Amenities Include: Onsite Laundry Center, Fenced Swimming Pool, Open, and Secured Court-Yard
Excellent Curb-Appeal With Well-Manicured Landscaping and Tastefully-Designed Decorative Wood Paneling on Stucco
CURRENT & FUTURE OPPORTUNITIES:
Low Historic Vacancy and Low Tenant Turnover Building Offers Durable Rents and Stable Cashflow
Potential to Add Dishwasher, Recessed Lighting, Flooring Upgrades to Achieve Higher Rents
Capital Improvements Include: Dual-Pane Windows, Water Heaters, Landscape Lighting, Exterior Painting, and More
EXCELLENT CONNECTIVITY & ACCESS TO MAJOR EMPLOYERS:
Public Transit: Located 1.8 Miles From the Hayward BART Station (a 9-Minute Bike Ride or 12 Minutes by Bus).
Commuting: Easy Access to Major Freeways (Highways 92, 880, and 84).
Major Employers: Short Commute to Major Peninsula Employers, Including Visa (19 mins), Meta (20 mins), and Google (31 mins).
Rarely Available 44-Unit Multifamily Asset in the Desirable Jackson Triangle Submarket/Neighborhood
Property Commands Superior Rents and Higher Occupancy Due to its Desirable Location
Peaceful, Quiet Setting in a Residential Neighborhood Amongst Single Family Homes and Multifamily Properties
Excellent Location with Minimal Thoroughfare Traffic - Offering Desirable Rental With Upside in Pro-Forma Rents
PRIDE-OF-OWNERSHIP PROPERTY:
Well-Maintained, Pride-of-Ownership Property w/ Excellent Curb Appeal
Fully Secured Building w/ Remote-Controlled Main Entry Gate
Gated-Community Offers Park-Like Setting, and Secured Perimeter Appeal to Couples or Families With Children
DESIRABLE PROPERTY FEATURES & NICE CURB APPEAL:
Excellent Unit Mix: 26 Spacious 1 Bedroom/1 Bath (+/- 663 SF), and 18 Spacious 2 Bedroom/1 Bath (+/- 765 SF) Units
Current Property Amenities Include: Onsite Laundry Center, Fenced Swimming Pool, Open, and Secured Court-Yard
Excellent Curb-Appeal With Well-Manicured Landscaping and Tastefully-Designed Decorative Wood Paneling on Stucco
CURRENT & FUTURE OPPORTUNITIES:
Low Historic Vacancy and Low Tenant Turnover Building Offers Durable Rents and Stable Cashflow
Potential to Add Dishwasher, Recessed Lighting, Flooring Upgrades to Achieve Higher Rents
Capital Improvements Include: Dual-Pane Windows, Water Heaters, Landscape Lighting, Exterior Painting, and More
EXCELLENT CONNECTIVITY & ACCESS TO MAJOR EMPLOYERS:
Public Transit: Located 1.8 Miles From the Hayward BART Station (a 9-Minute Bike Ride or 12 Minutes by Bus).
Commuting: Easy Access to Major Freeways (Highways 92, 880, and 84).
Major Employers: Short Commute to Major Peninsula Employers, Including Visa (19 mins), Meta (20 mins), and Google (31 mins).
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$1,507,486
|
$48.62
|
| Other Income |
$80,533
|
$2.60
|
| Vacancy Loss |
$45,224
|
$1.46
|
| Effective Gross Income |
$1,542,795
|
$49.76
|
| Taxes |
$203,153
|
$6.55
|
| Operating Expenses |
$331,421
|
$10.69
|
| Total Expenses |
$534,574
|
$17.24
|
| Net Operating Income |
$1,008,221
|
$32.52
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $1,507,486 |
| Annual Per SF | $48.62 |
| Other Income (CAD) | |
|---|---|
| Annual | $80,533 |
| Annual Per SF | $2.60 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $45,224 |
| Annual Per SF | $1.46 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $1,542,795 |
| Annual Per SF | $49.76 |
| Taxes (CAD) | |
|---|---|
| Annual | $203,153 |
| Annual Per SF | $6.55 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $331,421 |
| Annual Per SF | $10.69 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $534,574 |
| Annual Per SF | $17.24 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $1,008,221 |
| Annual Per SF | $32.52 |
Property Facts
| Price | $16,797,745 CAD | Apartment Style | Garden |
| Price Per Unit | $381,767 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.40 AC |
| Cap Rate | 6% | Building Size | 31,006 SF |
| Gross Rent Multiplier | 10.58 | Average Occupancy | 89% |
| No. Units | 44 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1.27/1,000 SF |
| Zoning | RH, Hayward - High Density Residential | ||
| Price | $16,797,745 CAD |
| Price Per Unit | $381,767 CAD |
| Sale Type | Investment |
| Cap Rate | 6% |
| Gross Rent Multiplier | 10.58 |
| No. Units | 44 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.40 AC |
| Building Size | 31,006 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.27/1,000 SF |
| Zoning | RH, Hayward - High Density Residential |
Amenities
Unit Amenities
- Balcony
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Pool
- Property Manager on Site
- Tenant Controlled HVAC
- Gated
- Recycling
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 26 | $2,792 CAD | 579 |
| 2+1 | 18 | $3,337 CAD | 731 |
1 1
Fairly walkable
40/100
Very drivable
80/100
Some public transit
40/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 444-0054-050-02 | Total Assessment | $15,710,545 CAD (2026) |
| Land Assessment | $4,876,585 CAD (2026) | Annual Taxes | $203,153 CAD ($6.55 CAD/SF) |
| Improvements Assessment | $10,812,085 CAD (2026) | Tax Year | 2025 |
Property Taxes
Parcel Number
444-0054-050-02
Land Assessment
$4,876,585 CAD (2026)
Improvements Assessment
$10,812,085 CAD (2026)
Total Assessment
$15,710,545 CAD (2026)
Annual Taxes
$203,153 CAD ($6.55 CAD/SF)
Tax Year
2025
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The Palms Apartments / 550 Berry Ave | 550 Berry Ave
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