| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 37th | Poor |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 22328 S Garden Ave, Hayward, CA, 94541, US |
| Region / Metro | Hayward |
| Year of Construction | 1973 |
| Units | 24 |
| Transaction Date | 2008-05-21 |
| Transaction Price | $3,666,000 |
| Buyer | VILLA SPRINGS APARTMENTS LP |
| Seller | EDEN HOUSING INC |
22328 S Garden Ave Hayward Multifamily Investment
Stabilized renter demand in Hayward supported by a high-cost ownership market and strong neighborhood occupancy positions this 24-unit asset for durable cash flow, according to WDSuite s CRE market data. Value-add potential stems from a 1973 vintage competing against older local stock.
Located in Hayward s Urban Core, the neighborhood carries a B rating and ranks 223 out of 469 Oakland Berkeley Livermore metro neighborhoods, placing it just above the metro median. Neighborhood occupancy is strong by national standards (mid 70s percentile), signaling steady leasing conditions and supporting income stability for multifamily investors.
Tenure dynamics indicate depth in the renter base: the share of renter occupied units is high by national comparison (86th percentile), which typically supports ongoing leasing velocity and renewals. The subject property s 1973 construction is slightly newer than the neighborhood s average vintage (1966). That positioning can be competitive versus older stock, while investors should underwrite routine modernization and potential system updates common to 1970s assets.
Daily needs access is a local strength. Grocery and pharmacy density sit in the upper national percentiles (around the high 80s to low 90s), with parks and restaurants also comparatively plentiful. Caf e9 density is limited nearby, but broader dining access remains solid. School quality varies across the area; investors may wish to review catchments during diligence rather than assume uniform performance.
Demographic data aggregated within a 3 mile radius show a modest recent population dip but rising incomes and a projected increase in household counts over the next five years, alongside smaller average household sizes. For multifamily, this combination points to a potentially larger tenant base over time and supports occupancy stability even as demographics evolve. Elevated home values and a high value to income ratio (both in the 90th+ national percentiles) indicate a high cost ownership market, which tends to sustain rental demand and bolster retention for competitively positioned properties, based on commercial real estate analysis from WDSuite.
Safety indicators for the neighborhood are mixed. Compared with other neighborhoods nationwide, overall crime measures land in lower national percentiles (about the low 3s for composite crime and high 10s for violent offenses), suggesting safety underperforms national averages. Within the Oakland Berkeley Livermore metro, the neighborhood s crime rank is toward the higher incidence side (381 out of 469), so investors should calibrate underwriting to reflect this context.
Recent trends show some improvement: estimated property offense rates declined year over year (roughly top 70th percentile nationally for improvement), which may indicate moderating incidents. Investors should focus on property level measures, visibility, lighting, and tenant engagement, and compare trends to peer submarkets during diligence rather than extrapolating block level conclusions.
Proximity to a diversified base of corporate offices supports renter demand and commute convenience for a wide range of households. The nearby roster spans logistics, industrial brands, and blue chip corporate offices noted below.
- Ryder corporate offices (1.3 miles)
- Caterpillar corporate offices (2.5 miles)
- Chevron corporate offices (10.4 miles) HQ
- The Clorox Company corporate offices (11.2 miles)
- Gilead Sciences corporate offices (11.6 miles) HQ
This 24 unit property at 22328 S Garden Ave benefits from a renter oriented neighborhood with nationally strong occupancy and an ownership market characterized by elevated home values factors that generally reinforce apartment demand and support pricing power. According to CRE market data from WDSuite, the area s renter concentration sits in the upper national percentiles, and recent rent levels have trended upward, indicating durable absorption for well positioned assets.
Built in 1973, the asset is slightly newer than the local average vintage. Investors can target sensible value add through interior refreshes and system upgrades typical of 1970s construction, while leveraging commuter access and the neighborhood s daily needs retail density. Demographic trends within a 3 mile radius point to rising incomes and projected household growth even as population edges lower, which can expand the tenant pool and help sustain occupancy over the hold period. Key risks include local safety metrics that trail national norms and the need to plan capex to maintain competitiveness.
- Renter heavy neighborhood and strong national occupancy support stable leasing
- High cost ownership market reinforces rental demand and retention potential
- 1973 vintage offers value add via targeted renovations and system updates
- Retail and services density provide livability advantages for tenants
- Risks: local safety ranks below metro leaders; underwrite capex and operating controls