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The Palms Apartments / 550 Berry Ave 550 Berry Ave 44 Unit Apartment Building $12,056,000 ($274,000/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 | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$1,081,946
|
$34.89
|
| Other Income |
$57,800
|
$1.86
|
| Vacancy Loss |
$32,458
|
$1.05
|
| Effective Gross Income |
$1,107,288
|
$35.71
|
| Taxes |
$145,806
|
$4.70
|
| Operating Expenses |
$237,866
|
$7.67
|
| Total Expenses |
$383,672
|
$12.37
|
| Net Operating Income |
$723,616
|
$23.34
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $1,081,946 |
| Annual Per SF | $34.89 |
| Other Income | |
|---|---|
| Annual | $57,800 |
| Annual Per SF | $1.86 |
| Vacancy Loss | |
|---|---|
| Annual | $32,458 |
| Annual Per SF | $1.05 |
| Effective Gross Income | |
|---|---|
| Annual | $1,107,288 |
| Annual Per SF | $35.71 |
| Taxes | |
|---|---|
| Annual | $145,806 |
| Annual Per SF | $4.70 |
| Operating Expenses | |
|---|---|
| Annual | $237,866 |
| Annual Per SF | $7.67 |
| Total Expenses | |
|---|---|
| Annual | $383,672 |
| Annual Per SF | $12.37 |
| Net Operating Income | |
|---|---|
| Annual | $723,616 |
| Annual Per SF | $23.34 |
Property Facts
| Price | $12,056,000 | Apartment Style | Garden |
| Price Per Unit | $274,000 | 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 | $12,056,000 |
| Price Per Unit | $274,000 |
| 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 | $2,004 | 579 |
| 2+1 | 18 | $2,395 | 731 |
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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 | $11,275,700 (2026) |
| Land Assessment | $3,500,000 (2026) | Annual Taxes | $145,806 ($4.70/SF) |
| Improvements Assessment | $7,760,000 (2026) | Tax Year | 2025 |
Property Taxes
Parcel Number
444-0054-050-02
Land Assessment
$3,500,000 (2026)
Improvements Assessment
$7,760,000 (2026)
Total Assessment
$11,275,700 (2026)
Annual Taxes
$145,806 ($4.70/SF)
Tax Year
2025
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The Palms Apartments / 550 Berry Ave | 550 Berry Ave