20353 Park WayCastro Valley, CA 94546

This exceptional 52-unit apartment building presents a compelling value-add investment opportunity in Castro Valley, CA. Boasting a 6.15% cap rate and a pro-forma cap rate of 6.85%, this property offers significant upside potential. The 45,476 square foot building, constructed in 1964, sits on a 1.88-acre lot and features 81 parking spaces. The property comprises a mix of apartment and townhome-style units, with over half featuring 2-bedroom/1.5-bathroom or 3-bedroom/2.5-bathroom layouts. Units average approximately 1808 square feet. Currently, 89% of the units have been renovated, with an average in-place rent of $2,371 per unit. Six units remain to be renovated, presenting a clear path to increase NOI. The property benefits from its location adjacent to Sutter Health Eden Medical Center, a major local employer, and the absence of local rent control, subject only to AB 1482 restrictions. The current NOI is $1,014,516, with a pro-forma NOI of $1,130,742. The asking price is $16,500,000, translating to a price per unit of $317,307.69 and a price per square foot of $362.83. The property also offers potential for additional unit creation through ADU conversions. Castro Valley's strong rental market, with average rent growth of 80% over the last 10 years and an average occupancy rate of 96%, further enhances the investment appeal. This property represents a rare opportunity to acquire a substantial multifamily asset in a desirable location with considerable growth potential. The property's APN is 084A-0181-042.