20353 Park WayCastro Valley, CA 94546

Property Details for 20353 Park Way

Year built

1964

Construction

WOOD

Lot size

1.88 AC

Property size (Sq ft)

45,476 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

84A-181-42

APU

84A18142

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $26,044,510

  6.5%

  $24,041,086

  7%

  $22,323,864

• Comparable approach

  Method

  Valuation

  Relative Method

  $23,281,656

  Geo Method

  $19,659,752

• Alternative Use

  Use

  Valuation

  Residential

  $24,041,086

  Hospitality

  $22,021,504

  Educational

  $18,321,634

  Medical

  $18,951,742

  Retail

  $28,500,318

Location Insight

City

Castro Valley

County

Alameda

State

California

Latitude

37.6963

Longitude

-122.089

CBSA code

41860

CBSA name

SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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