19465 Meekland Ave - Apartments FOR SALE


Cherryland, CA 94541
$3,925,000 USD
415-625-2117
19465 Meekland Ave, Cherryland, CA for Sale
$3,925,000 USD
Apartments - FOR SALE
1/35
null | 6.83% Cap Rate

19465 Meekland Ave
Cherryland, CA 94541


HIGHLIGHTS

  • New roofs on every building except one, immaculate, well-cared for complex with many improvements
  • Spacious floorplans with primarily three-bedroom and two-bedroom units with washer/dryer hook-ups.
  • Large patios for most units. Every unit has highly renovated kitchens and bathrooms except 1bed/1bath (longer-term tenant).
  • Two separate parcels of 5 & 7 units per county records with total of 0.79 acres.
  • Ample parking with thirty-seven total parking spaces.
  • Separately metered for PG&E, with utility bill-back via. “Livability” for water and trash.

OVERVIEW

This offering at 19465-19477 Meekland Avenue, in unincorporated Hayward, CA is an 11-unit apartment complex with additional non-conforming office on two parcels in an area that is experiencing dramatic rent growth. The current owners have owned the property for several decades and have meticulously maintained and cared for the asset, such that both the property exterior, and unit interiors are in excellent shape.   The first parcel at 19465 Meekland was constructed circa 1957 and the second parcel at 19477 was constructed circa 1961– both of wood frame with stucco siding, with pitched composite roofs. The properties benefit from a new sewer main, newer roofs on most buildings, and double-paned windows for most units. The property sits on two spacious parcel with a total of 0.79 acres (per county records) and is currently operated as eleven units plus a bonus office (shows as twelve-units total per county records). The property contains ample parking with fourteen tandem parking spaces and nine single parking spaces.   The complex unit layouts consist of a mix of three-bedroom two-bath, three-bedroom one-bath, two-bedroom two-bath, two-bedroom one-bath, and a single freestanding one-bedroom one-bath unit. All units are single-story and the majority feature washer/dryer hookups in the rear patio area. Units are individually metered for gas and electric and the owner currently utilizes www.livability.com for reimbursement of water & garbage usage ensuring minimal utility expenses for the owner.   The owner has self-managed the complex and tenants have been carefully screened and selected such that the building benefits from stable, responsible tenants. This offering provides a new buyer with the opportunity to acquire an extremely well kept, 100% occupied, highly improved investment with renovated unit interiors, and extremely strong rental demand. the property further benefits from its location in unincorporated Hayward which allows owners to avoid the City of Hayward rental restrictions. The tenants are due for the allowable 1482-AB annual rent increases allowing immediate upside. Easy access to Hwy 880 a few minutes away allows tenants to easily reach the high-tech job centers of Oakland, San Mateo, and Santa Clara ensuring constant demand by gainfully employed tenants.

FOR SALE DETAILS

PRICE

$3,925,000 USD

PRICE/SF

$397 USD /SF

# OF UNITS

11

PRICE/UNIT

$356,818

CAP RATE

6.83%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

7.20% Year-1 Cap Rate- Hayward, CA

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1957

PARKING SPACES

37

LAND DETAILS

LAND ACRES

0.79 AC

LAND SF

34,412 SF

ZONING

C1

APN/PARCEL ID

429-0005-015-02,429-0005-016-02

ASK ABOUT THIS PROPERTY

Jon HolmquistJon HolmquistMore Info
415-625-2117

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Jon HolmquistJon HolmquistMore Info
415-625-2117

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.