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18 Unit in Hayward’s Foothill Neighborhood 944 Fletcher Ln 18 Unit Apartment Building $4,350,000 ($241,667/Unit) 5.98% Cap Rate Hayward, CA 94541
Investment Highlights
- Capital Improvements - New roof (2025), new electric panels throughout (2025), and most units have been highly updated to modern interiors.
- Proximity to Play + Transit - Within 1.5 miles is bustling downtown Hayward, CSU East Bay, Hayward Bart, and freeway access to major thoroughfares.
- Excellent Core Suburban Bay Area Location - 21.23% cumulative rent growth over the last 10 years, with another 4.66% projected in the next 3 years*.
Executive Summary
Cap Rate - 5.73% (Current)
GRM – 9.77 (Current)
Cap Rate – 6.68% (Proforma)
GRM – 8.98 (Proforma)
Davide F. Pio proudly presents 944 Fletcher Ln, in the Hayward foothills [alt addrs: 944 Walpert St]. The multifamily asset features eighteen (18), of which nine are 1 bed / 1 bath units, and the remaining nine are 2 beds / 1 bath. The property has been well-maintained and upgraded over the years. Improvements include a new roof and electric panels (2025), and most units have been updated to modern open kitchens with stone countertops.
Additionally, some 1st floor units have backyards, while others on floors 2 and 3 have balconies. Those units with a west-facing view enjoy beautiful views stretching all the way to the bay. A total of 18 covered parking spaces and 8 additional uncovered spaces are rented for a fee. The elevator serves all 3 floors and a laundry room on two floors. The property allows for a turn-key investment with upside in one of Hayward foothills.
Located in the Mission / Foothills neighborhood, the property is under one (1) mile from vibrant downtown Hayward + Hayward Bart station, and 1.5 miles from CSU East Bay. A short drive provides quick access to Highway 580 / 238 interchange or the 880 / 92 freeway, allowing easy connections to San Francisco, Silicon Valley, and the peninsula.
GRM – 9.77 (Current)
Cap Rate – 6.68% (Proforma)
GRM – 8.98 (Proforma)
Davide F. Pio proudly presents 944 Fletcher Ln, in the Hayward foothills [alt addrs: 944 Walpert St]. The multifamily asset features eighteen (18), of which nine are 1 bed / 1 bath units, and the remaining nine are 2 beds / 1 bath. The property has been well-maintained and upgraded over the years. Improvements include a new roof and electric panels (2025), and most units have been updated to modern open kitchens with stone countertops.
Additionally, some 1st floor units have backyards, while others on floors 2 and 3 have balconies. Those units with a west-facing view enjoy beautiful views stretching all the way to the bay. A total of 18 covered parking spaces and 8 additional uncovered spaces are rented for a fee. The elevator serves all 3 floors and a laundry room on two floors. The property allows for a turn-key investment with upside in one of Hayward foothills.
Located in the Mission / Foothills neighborhood, the property is under one (1) mile from vibrant downtown Hayward + Hayward Bart station, and 1.5 miles from CSU East Bay. A short drive provides quick access to Highway 580 / 238 interchange or the 880 / 92 freeway, allowing easy connections to San Francisco, Silicon Valley, and the peninsula.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$435,959
|
$30.70
|
| Other Income |
$9,225
|
$0.65
|
| Vacancy Loss |
$15,259
|
$1.07
|
| Effective Gross Income |
$429,925
|
$30.27
|
| Taxes |
$53,082
|
$3.74
|
| Operating Expenses |
$127,798
|
$9.00
|
| Total Expenses |
$180,880
|
$12.74
|
| Net Operating Income |
$249,045
|
$17.54
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $435,959 |
| Annual Per SF | $30.70 |
| Other Income | |
|---|---|
| Annual | $9,225 |
| Annual Per SF | $0.65 |
| Vacancy Loss | |
|---|---|
| Annual | $15,259 |
| Annual Per SF | $1.07 |
| Effective Gross Income | |
|---|---|
| Annual | $429,925 |
| Annual Per SF | $30.27 |
| Taxes | |
|---|---|
| Annual | $53,082 |
| Annual Per SF | $3.74 |
| Operating Expenses | |
|---|---|
| Annual | $127,798 |
| Annual Per SF | $9.00 |
| Total Expenses | |
|---|---|
| Annual | $180,880 |
| Annual Per SF | $12.74 |
| Net Operating Income | |
|---|---|
| Annual | $249,045 |
| Annual Per SF | $17.54 |
Property Facts
Amenities
Unit Amenities
- Balcony
- Heating
- Kitchen
- Range
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | - |
| 2+1 | 9 | - | - |
1 1
Walk Score®
Very Walkable (70)
Property Taxes
| Parcel Number | 445-0001-009-00 | Total Assessment | $4,193,428 |
| Land Assessment | $1,258,313 | Annual Taxes | $53,082 ($3.74/SF) |
| Improvements Assessment | $2,922,425 | Tax Year | 2025 |
Property Taxes
Parcel Number
445-0001-009-00
Land Assessment
$1,258,313
Improvements Assessment
$2,922,425
Total Assessment
$4,193,428
Annual Taxes
$53,082 ($3.74/SF)
Tax Year
2025
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18 Unit in Hayward’s Foothill Neighborhood | 944 Fletcher Ln
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