| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 58th | Fair |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 23924 2nd St, Hayward, CA, 94541, US |
| Region / Metro | Hayward |
| Year of Construction | 1988 |
| Units | 30 |
| Transaction Date | 2015-11-02 |
| Transaction Price | $6,650,000 |
| Buyer | 23924 HAYWARD LLC |
| Seller | 23924 2ND STREET LLC |
23924 2nd St Hayward Multifamily Investment
This 30-unit property built in 1988 sits in a neighborhood where occupancy runs above the metro median and renter-occupied units represent nearly two-thirds of the housing base, according to CRE market data from WDSuite.
The property is located in an Urban Core neighborhood within the Oakland-Berkeley-Livermore metro, rated C+ among 469 metro neighborhoods. Within a 3-mile radius, demographic statistics show a population of approximately 182,600 residents with a median household income of $105,068—ranking in the 75th percentile nationally. Renter-occupied housing units account for 62.4% of tenure, placing the neighborhood in the 95th percentile nationwide and signaling a deep, stable tenant base for multifamily operators.
Neighborhood-level occupancy stands at 94.0%, above the metro median and in the 65th percentile nationally, reflecting consistent absorption and lease retention. Median contract rent of $1,957 ranks in the 91st percentile nationally, while the rent-to-income ratio of 0.32 suggests manageable affordability for the current tenant pool. Five-year demographic projections within the 3-mile radius forecast median household income rising to $148,839 and median contract rent climbing to $3,046, indicating strengthening purchasing power and sustained pricing power for landlords. Forecast household counts are expected to grow by 33.3%, expanding the renter pool and supporting occupancy stability over the investment horizon.
The neighborhood was built in 1968 on average (31st percentile nationally), and this 1988 property is newer than the surrounding stock. That positioning may reduce near-term capital expenditure relative to older competing assets and support competitive lease-up. Median home values in the neighborhood reach $719,900 (93rd percentile nationally), and the value-to-income ratio of 9.4 ranks in the 97th percentile nationwide. Elevated ownership costs limit accessibility to homeownership and sustain reliance on rental housing, reinforcing multifamily demand and contributing to tenant retention.
Amenity density is mixed: grocery stores register 1.68 per square mile (80th percentile nationally) and parks match that figure (92nd percentile nationally), supporting day-to-day livability. However, cafés, childcare centers, and pharmacies show zero density per square mile in the immediate neighborhood data. The housing rank sits in the 79th percentile nationally, and the demographics rank reaches the 58th percentile, both above median and consistent with a stable, working- and middle-income renter base. Average school ratings of 2.5 out of 5 fall near the metro median (49th percentile nationally), a consideration for family-oriented tenant retention but not a disqualifying factor in workforce housing submarkets.
Crime metrics warrant careful review. The neighborhood's overall crime rank is 315 out of 469 metro neighborhoods (43rd percentile nationally), indicating performance near the middle of the distribution. Property offense rates are estimated at approximately 1,376 incidents per 100,000 residents, ranking 345th of 469 (17th percentile nationally), which suggests elevated property crime relative to national norms. Violent offense rates are estimated at roughly 169 incidents per 100,000 residents, ranking 354th of 469 (23rd percentile nationally), also below national medians.
Trend data offers a more constructive signal: property offense rates declined 23.7% year-over-year (67th percentile nationally for improvement), and violent offense rates fell 14.0% over the same period (64th percentile nationally). These declines indicate improving conditions and suggest that local policing, community investment, or broader regional trends may be stabilizing the area. Investors should weigh current absolute levels against directional momentum and consider how safety perceptions influence tenant retention, lease velocity, and insurance costs in underwriting.
The property benefits from proximity to a diversified employment base anchored by logistics, industrial, and technology employers. Major corporate offices and headquarters within commuting range include:
- Ryder — logistics and transportation (3.2 miles)
- Caterpillar — industrial equipment and machinery (3.8 miles)
- Chevron — energy and corporate offices (8.7 miles) — HQ
- The Clorox Company — consumer products (9.3 miles)
- Ross Stores — retail headquarters (10.5 miles) — HQ
This 30-unit multifamily asset in Hayward presents a value-add opportunity in a high-tenure, high-rent neighborhood supported by improving fundamentals and long-term demographic tailwinds. Renter occupancy at 62.4% (95th percentile nationally) and neighborhood occupancy at 94.0% (65th percentile) reflect sustained demand and limited tenant turnover, reducing leasing friction and stabilizing cash flow. Median contract rent of $1,957 ranks in the 91st percentile nationally, while five-year projections forecast rent growth to $3,046—a 56% increase—paired with household income rising to $148,839, preserving affordability and pricing power.
The property's 1988 vintage positions it favorably against older neighborhood stock (average build year 1968), potentially limiting near-term capital requirements and supporting competitive positioning. Elevated home values ($719,900, 93rd percentile nationally) and a value-to-income ratio of 9.4 (97th percentile) create structural barriers to homeownership, sustaining rental demand and tenant retention over the hold period. Forecast household growth of 33.3% within three miles expands the addressable renter pool and supports occupancy stability in both base-case and stress scenarios.
Employment diversity mitigates single-employer risk: proximity to Ryder, Caterpillar, Chevron (HQ), Clorox, and Ross Stores (HQ) anchors a resilient job base spanning logistics, industrial, energy, consumer products, and retail. Crime trends show meaningful improvement—property offenses down 23.7% year-over-year (67th percentile for improvement) and violent offenses down 14.0% (64th percentile)—suggesting stabilization and potential upside in tenant perception and insurance underwriting. Investors gain exposure to a workforce housing submarket with above-median housing and demographics ranks (79th and 58th percentiles nationally), strong rent levels, and demographic momentum, balanced by near-median crime and school ratings that warrant diligence but do not disqualify the investment thesis.