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18 Unit in Hayward’s Foothill Neighborhood 944 Fletcher Ln 18 Unit Apartment Building $4,325,000 ($240,278/Unit) 5.93% Cap Rate Hayward, CA 94541
Investment Highlights
- Capital Improvements: Roof (2025), electric subpanels (2025), SB 721 balcony clearance (2026), and most units 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: Hayward/Castro Valley/Union City apartment market has experienced 21.23% cumulative rent growth over 10 yrs
Executive Summary
Cap Rate - 5.93% (Current)
GRM – 9.64 (Current)
Cap Rate – 6.95% (Proforma)
GRM – 8.81 (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 subpanels (2025), SB 721 balcony clearance (2026), 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.
Property Tour Schedule
?- Tuesday, June 2 from 11.30am – 1.30pm
?- Friday, June 5 from 2pm – 4pm
- ?Call Broker for Private Showings
GRM – 9.64 (Current)
Cap Rate – 6.95% (Proforma)
GRM – 8.81 (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 subpanels (2025), SB 721 balcony clearance (2026), 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.
Property Tour Schedule
?- Tuesday, June 2 from 11.30am – 1.30pm
?- Friday, June 5 from 2pm – 4pm
- ?Call Broker for Private Showings
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$440,135
|
$30.99
|
| Other Income |
$8,710
|
$0.61
|
| Vacancy Loss |
$22,007
|
$1.55
|
| Effective Gross Income |
$426,838
|
$30.05
|
| Taxes |
$52,789
|
$3.72
|
| Operating Expenses |
$117,458
|
$8.27
|
| Total Expenses |
$170,247
|
$11.99
|
| Net Operating Income |
$256,591
|
$18.07
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $440,135 |
| Annual Per SF | $30.99 |
| Other Income | |
|---|---|
| Annual | $8,710 |
| Annual Per SF | $0.61 |
| Vacancy Loss | |
|---|---|
| Annual | $22,007 |
| Annual Per SF | $1.55 |
| Effective Gross Income | |
|---|---|
| Annual | $426,838 |
| Annual Per SF | $30.05 |
| Taxes | |
|---|---|
| Annual | $52,789 |
| Annual Per SF | $3.72 |
| Operating Expenses | |
|---|---|
| Annual | $117,458 |
| Annual Per SF | $8.27 |
| Total Expenses | |
|---|---|
| Annual | $170,247 |
| Annual Per SF | $11.99 |
| Net Operating Income | |
|---|---|
| Annual | $256,591 |
| Annual Per SF | $18.07 |
Property Facts
| Price | $4,325,000 | Apartment Style | Low-Rise |
| Price Per Unit | $240,278 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.62 AC |
| Cap Rate | 5.93% | Building Size | 14,202 SF |
| Gross Rent Multiplier | 9.64 | Average Occupancy | 95% |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1967 |
| Property Subtype | Apartment | Parking Ratio | 1.83/1,000 SF |
| Zoning | MB-CN - Mission Boulevard - Corridor Neighborhood | ||
| Price | $4,325,000 |
| Price Per Unit | $240,278 |
| Sale Type | Investment |
| Cap Rate | 5.93% |
| Gross Rent Multiplier | 9.64 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.62 AC |
| Building Size | 14,202 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1967 |
| Parking Ratio | 1.83/1,000 SF |
| Zoning | MB-CN - Mission Boulevard - Corridor Neighborhood |
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
Fairly walkable
50/100
Very drivable
80/100
Some public transit
50/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 445-0001-009-00 | Total Assessment | $4,193,428 (2025) |
| Land Assessment | $1,258,313 (2025) | Annual Taxes | $52,789 ($3.72/SF) |
| Improvements Assessment | $2,922,425 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
445-0001-009-00
Land Assessment
$1,258,313 (2025)
Improvements Assessment
$2,922,425 (2025)
Total Assessment
$4,193,428 (2025)
Annual Taxes
$52,789 ($3.72/SF)
Tax Year
2026
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18 Unit in Hayward’s Foothill Neighborhood | 944 Fletcher Ln
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