| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Poor |
| Demographics | 42nd | Poor |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2523 Kelly St, Hayward, CA, 94541, US |
| Region / Metro | Hayward |
| Year of Construction | 1974 |
| Units | 66 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2523 Kelly St Hayward Multifamily Investment Opportunity
Amenity-rich Urban Core location with a large renter base and high-cost ownership dynamics that help sustain demand, according to WDSuite’s CRE market data. Neighborhood occupancy trends warrant active leasing management but supportable pricing is reinforced by solid incomes.
Located in Hayward’s Urban Core (neighborhood rating: B), the area around 2523 Kelly St shows strong daily-life convenience for renters. Dining and essentials are abundant, with restaurants and grocery options ranking in the 99th percentile nationally, cafes in the 98th, and pharmacies and childcare facilities also well above national norms. Park access is limited, which may modestly temper open-space appeal but does not diminish access to services.
Renter concentration is elevated at the neighborhood level (49.1% of housing units are renter-occupied; 88th percentile nationally), pointing to a deep tenant pool and steady leasing interest. By contrast, neighborhood occupancy is below metro averages, indicating the need for focused leasing strategy and asset differentiation to capture demand. Median contract rents in the neighborhood are high relative to the nation (93rd percentile), supported by household incomes that sit well above national levels (77th percentile), helping underpin rent collections and renewal potential.
Within a 3-mile radius, population increased over the last five years while incomes rose meaningfully, reinforcing the capacity to absorb market rents. Forward projections indicate a slight population contraction but a sizable increase in household count alongside smaller average household sizes, which can expand the renter pool and support occupancy stability for well-positioned multifamily assets.
Ownership remains a high-cost proposition in this area (home values benchmark in the mid-90s percentiles nationally), which typically sustains renter reliance on multifamily housing. Rent-to-income levels are moderate for the region, suggesting manageable affordability pressure and aiding lease retention and pricing power for competitive properties.
Safety conditions should be underwritten conservatively. Compared with neighborhoods nationwide, this area sits below the national average for safety, and it trails many Oakland–Berkeley–Livermore neighborhoods. That said, recent data shows notable improvement in property offenses over the last year, indicating some positive momentum that investors can monitor as part of risk management.
Investors should focus on standard mitigants that support resident confidence and retention—such as lighting, access control, and partnerships with professional security—while tracking neighborhood trendlines over subsequent data releases from WDSuite.
The surrounding employment base blends logistics, industrial equipment, energy, and consumer goods, supporting commute convenience and diversified renter demand. Notable nearby employers include Ryder, Caterpillar, Chevron, The Clorox Company, and Ross Stores.
- Ryder — logistics (4.3 miles)
- Caterpillar — heavy equipment offices (5.0 miles)
- Chevron — energy (7.5 miles) — HQ
- The Clorox Company — consumer products (8.4 miles)
- Ross Stores — off-price retail (9.4 miles) — HQ
This 66-unit asset sits in a service-rich Urban Core pocket where renter concentration is high and ownership costs remain elevated relative to incomes, reinforcing multifamily demand. While neighborhood occupancy trails metro norms, strong amenity access and a diversified employment base help support leasing velocity and renewals. Within a 3-mile radius, recent income gains and an expected increase in household count—despite a modest projected population dip—suggest a broader tenant base as household sizes contract.
According to CRE market data from WDSuite, neighborhood rents benchmark high nationally, yet rent-to-income levels indicate room for disciplined pricing without overextending affordability. Near-term performance will favor operators who differentiate on renovations, curb appeal, and management, positioning the property to capture demand from renters who value access to jobs and daily amenities.
- Dense amenities and strong national percentiles for groceries, dining, and services support daily livability and leasing.
- Elevated renter concentration provides a deep tenant base and supports occupancy for competitive assets.
- High-cost ownership market bolsters renter reliance, aiding renewal potential and pricing power.
- 3-mile outlook shows rising household counts and smaller household sizes, expanding the renter pool.
- Risk: Neighborhood occupancy is below metro averages; success depends on active leasing, security posture, and asset differentiation.