Old Canyon 559-585 Old Canyon Rd 16 Unit Apartment Building $6,700,000 ($418,750/Unit) 4.05% Cap Rate Fremont, CA 94536

An exceptional opportunity awaits at 559 & 585 Old Canyon Road in Fremont's highly sought-after Niles neighborhood. Offered together for $6,700,000, these two contiguous parcels combine for approximately 1.58 acres of R-6 zoned land, presenting tremendous upside potential for developers, investors, and builders seeking a rare large-scale residential redevelopment opportunity in one of the East Bay's most desirable submarkets.
The offering includes Canyon Court Apartments at 585 Old Canyon Road, a 16-unit multifamily property situated on approximately 0.86 acres. Currently, 15 units are occupied and one unit is vacant, generating approximately $271,074 in annual net operating income while providing immediate cash flow and flexibility for future planning.
The adjacent parcel at 559 Old Canyon Road encompasses approximately 0.72 acres and is improved with an older residence. Together, the properties create a rare opportunity to control a sizable residential development site while benefiting from meaningful in-place income.
Located just moments from historic downtown Niles, the property enjoys proximity to boutique shopping, restaurants, entertainment, parks, hiking trails, and major commuter routes. Niles is widely celebrated for its rich history, charming small-town atmosphere, scenic surroundings, and strong community appeal, making it one of Fremont's most sought-after residential neighborhoods.
With R-6 zoning, substantial acreage, and a premier Fremont location, this offering provides developers the opportunity to capitalize on the continued demand for housing throughout the East Bay. Whether envisioned as a townhome community, multifamily redevelopment, or thoughtfully designed residential neighborhood, 559 & 585 Old Canyon Road represent a truly rare investment and development opportunity.