16 Value-Add Units | 4 Buildings | 3 Parcels 24039 Park St 16 Unit Apartment Building $3,150,000 ($196,875/Unit) 6.10% Cap Rate Hayward, CA 94541

The Cushman & Wakefield Northern California Capital Markets Group is pleased to present a rare opportunity to acquire 16 value-add multifamily units located in the heart of Hayward, CA. The property is comprised of four separate buildings situated across three adjacent parcels in the vibrant Burbank neighborhood, providing investors with exceptional long-term flexibility and multiple exit strategies. Its central location, walkable amenities, and transit connectivity make it a highly desirable rental community within a supply-constrained East Bay market.
The asset is currently stabilized with solid in-place income and offers significant upside potential. Average rents at the property trail market by approximately $300 per unit, creating a clear path to increase rental revenue as units turn over. This value-add potential is further supported by strong historical rent growth in Hayward — approximately 44% since 2015 — with an additional ~47% increase projected through 2035. Investors are well positioned to benefit from this growth trajectory while capitalizing on Hayward’s affordability advantage compared to neighboring inner Bay Area rental markets such as Oakland, Berkeley, San Jose, The SF Peninsula, The North Bay, and San Francisco.
Importantly, the property has benefited from recent capital improvements that strengthen its operational profile. All unit electrical subpanels have been replaced, addressing a common source of insurance concerns and significantly reducing near-term capital expenditure requirements. This improvement provides incoming ownership with enhanced insurability and a more predictable expense profile. Additionally all windows throughout all 4 buildings have recently been replaced with dual pane vinyl frame windows improving energy efficiency and reducing the chances of water intrusion that could lead to unknown deferred maintenance.
Hayward’s limited multifamily pipeline further enhances the long-term investment thesis. Since 2001, only four market-rate rental projects totaling 849 units have been delivered, and there are currently no market-rate projects under construction or planned. This extreme lack of new supply ensures that existing communities, particularly well-located ones such as this, will continue to experience robust demand and healthy rent growth.
The property’s location underscores its enduring appeal. Residents benefit from being less than one mile from Hayward BART, with easy access to AC Transit bus service and direct connectivity to major highways including I-580, I-238, I-880, and CA-92. This unparalleled access allows residents to conveniently reach employment centers across the Bay Area from Oakland, Fremont, and the Tri-Valley to San Jose, Silicon Valley, Walnut Creek, Berkeley, and San Francisco — all within roughly 30–40 minutes off-peak. Proximity to Downtown Hayward further enhances resident lifestyle, with an array of restaurants, retail, and community amenities just minutes away.