Cherry Apartments — Sale in Hayward, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Hayward, CA 94541

Investment Figures

Cap rate
5.44%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

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 apartments. Additionally, there is a management office serving the property from a partially built garage. Recent state legislation for ADU conversion certainly offers a path for an additional permanent residential apartment. 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 chose 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

Market Context

This multifamily in Hayward, CA is listed for sale. It is offered at an approximate 5.4% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 86 days. Compare it against other multifamily listings for sale in Hayward, CA — view the full market.

As of Q1 2026, the Oakland / East Bay multifamily market showed cap rates around 4.9%. Source: multiple brokerage reports, Q1 2026.

Its 5.4% asking cap rate is above the Oakland / East Bay multifamily market average of about 4.9%, implying a higher yield (and typically more risk or upside) than comparable assets.

Multifamily market FAQ

What is the typical cap rate for multifamily in Oakland / East Bay?
About 4.9% as of Q1 2026, per multiple brokerage reports.

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