Parkview Townhomes 28222 Lustig Ct 24 Unit Apartment Building $9,795,000 ($408,125/Unit) 6.90% Cap Rate Hayward, CA 94544

This property consists of twenty-four 3bd/1.5bth townhomes, each approximately 1,144 square feet, set on roughly 1.42 acres of land shaped in a horseshoe configuration with three perimeter buildings and one central building. Each unit is separately metered for PG&E, and a RUBS program for tenant utility reimbursement is being utilized, keeping owner expenses to a minimum. Each tenant has an attached garage and an additional dedicated outdoor parking space, as well as an upstairs balcony and a spacious backyard patio with a concrete slab and room for BBQ or outdoor enjoyment. There is huge potential for add-value opportunity by moving long-term tenants towards market rents through rent increases, turnover, capital improvement pass-throughs, or tenant buy-outs. Recently turned units feature new sliding doors, wall-to-wall carpet on the top floor, fresh paint, new flooring on the bottom level, stainless steel appliances, new kitchen cabinets, and ceiling fans. Three units will be delivered vacant and can be renovated and rented at market rate rent. This prime Hayward location is just three blocks from South Hayward BART and close to popular restaurants, cafes, shopping, schools, parks, and major employment centers.
Hayward is centrally located between San Jose and Oakland/San Francisco, with direct access to the San Mateo Bridge. The California State University, East Bay campus, with its Pioneer Amphitheatre concerts, serves as a cultural hub. Popular spots include Cinema Place, known for its movie theater, unique shopping, and art gallery. The city’s extensive murals have earned national recognition. Outdoor activities abound at Dry Creek Pioneer Regional Park and various smaller parks. Hayward offers a quick commute to tech jobs in Fremont, San Mateo, Silicon Valley, Oakland, and San Francisco, with rental rates significantly lower than those in San Mateo and San Francisco counties.