Parkview Tours By Appointment - Contact Listing Agents for further details and Complete Offering Memorandum. The Parkview Townhomes present the opportunity to acquire a fully occupied, immaculately maintained community, with an add-value opportunity through continued movement of longer term tenants towards market rents, and increased utilization of common areas. The complex enjoys a prime and coveted location that allows a quick commute to the tech jobs of Fremont, San Mateo, Silicon Valley, Oakland, and San Francisco. Tenants are drawn by the affordable rental housing rates that are more than 45% below nearby San Mateo County, and 43% below in San Francisco County, for similar rental units in those markets. The Parkview Townhomes were constructed circa 1968 of wood frame with stucco siding, and flat roofs. The property is located on a spacious 1.42 acre parcel and is configured in a horseshoe shaped configuration with three buildings around the perimeter, and a fourth building in the middle, with a sparkling common pool area to the center of the parcel. The property grounds benefit from simple, but attractive low maintenance landscaping, and each tenant has their own attached garage in addition to a second dedicated outdoor parking space. The complex offers a dedicated rental office, an on-site laundry facility adjacent to the pool for tenant convenience, and also a large currently unused common area/ clubhouse which presents further upside for a new buyer. The property had many improvements in the last forty-eight months including a new roof on one building and a large upgrade of a portion of the plumbing system. The complex unit interiors consist of twenty-four townhouse style three-bedroom/one-and-a-half bath apartment homes, each of approximately 1,144 square feet. As a result of the property’s fantastic location there are many longer-term tenants allowing a new buyer inherent upside as turnover occurs. Recently turned units were highly improved with new sliding doors to the patio, top floor wall to wall carpet, fresh paint, new flooring on bottom level, stainless steel appliances, new kitchen cabinets, and ceiling fans. Each tenant has a desirable attached garage, with in-unit washer and dryer laundry hook-ups, and individual hot water heaters. Townhomes are separately metered for PG&E and the current landlord has started to implement a RUBS program for tenant utility reimbursement, which represents further upside as the new buyer implements further penetration. Each apartment benefits from a spacious backyard patio with a poured concrete slab and ample room to BBQ or enjoy a bit of blue sky and great sunny weather. Units also enjoy access from the main upstairs bedroom to terrace balconies. In summary the Parkview Townhomes offer a new buyer the opportunity to acquire a stabilized asset in a central location, with significant existing add-value opportunity and upside. The presence of South Hayward BART just three blocks away allows a quick and hassle-free commute to major employment centers, ensuring constant demand by gainfully employed tenants. The combination of large unit size and great unit amenities further ensures that once renters view the units they are quickly rented.
