Cherry Apartments
8 units in Cherryland. Well maintained, low expense building. Turn key opportunity.
Marketing description
The Cherry Apartments are seven (7) apartments plus one single family multi-family complex located at 283-297 Cherry Way in the Cherryland area of unincorporated Hayward. The unit mix is 7-Two Bedroom/1 Bath and 1-Three Bedroom/1 Bath SFR. Additionally, there is a management office serving the property from a partially built garage. Recent state legislation for ADU conversion offers a path for an additional permanent residential apartment. Alternatively an investor can intall storage lockers in a secure area to generate additional revenue. The total lot area of the asset is 0.46 acres. The property is situated in an opportunity zone.
Each apartment has a private backyard. Every unit has two designated, numbered off street parking spaces. The residences possess a washer and dryer hook up for the convenience of the tenants. All dwellings have individual hot water heaters. Residents pay PG&E directly as there are separate meters for gas and electric expenses. Ownership has an established sub meter system in place for each apartment and residents reimburse landlord for their documented water usage. Tenants pay their own garbage/refuse bills.
283-297 Cherry Way is a convenient location. It is about a five-to-eight-minute drive to I-880 access points at A Street or Lewelling entries and exits. Highway 238 is another short drive connecting people to the I-580. The property is 7 miles to the San Mateo Bridge Toll Booth.The AC bus line 34 directs commuters to downtown Hayward BART Station. Residents choose to live here because it is centrally located and accessible to diverse employment and educational opportunities.
The Cherry Apartments is a prime asset for an investor seeking various paths to success. The building is in turnkey condition and appeals to quality tenants. The operating expenses are low due to strategic capital improvements completed by current ownership. This investment property presents an opportunity to capture significant additional income with the unfinished garage space. Being in unincorporated Alameda County, there is no local rent control ordinance and only subject to state jurisdiction for rent increases. 283-297 Cherry Way offers stable cash flow in a deregulated marketplace with an opportunity to create income upside with a bit of creativity.
Investment highlights
- Well maintained, low expense property. Turnkey opportunity.
- Superior unit mix. One 3 bed/1 bath SFR with seven 2 bed/1 bath apartments. Two off street parking spaces for each unit.
- Separately metered for gas, electric, garbage, and water usage. Tenants pay.
- No local rent control ordinance. No decks. Limited regulatory conditions for subject property.
- ADU conversion or intallation of storage lockers in unfinished garage to boost revenue.
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