Park Tower Townhomes & Apartments - 6.15% CAP 20353 Park Way

PROPERTY TOURS AVAILABLE BY APPOINTMENT. REACH OUT TO LISTING TEAM TO SCHEDULE A TOUR.
Property Highlights:
6.15% CAP RATE IN CASTRO VALLEY!
RARE OPPORTUNITY TO PURCHASE 50+ UNITS IN CASTRO VALLEY - Only 7 transactions of properties with 50 or more
units have occurred in Castro Valley over the last 10 years
ADJACENT TO SUTTER HEALTH EDEN MEDICAL CENTER - The property shares a property line with one of the largest
employers in the immediate area.
NO LOCAL RENT CONTROL - Castro Valley benefits from the lack of a local rent control ordinance, meaning the property is
only subject to AB 1482 restrictions. The permitted rent increase for 2024 is 9.2%. Rent increases thereafter are set at 5% +
the Alameda County Regional CPI.
UNIQUE TOMEHOME STYLE UNITS - More than half of the units at the property are townhome style units featuring
2-bedroom, 1.5-bathroom or 3-bedroom, 2.5-bathroom layouts.
SPACIOUS UNITS
The overall average unit size is ±808 Sq. Ft.*.
TURNKEY PROPERTY WITH RENTAL INCOME UPSIDE POTENTIAL - 89% of the units have been renovated with stylish
finishes and the average in-place rent is $2,371 per unit. 6 Units have yet to be renovated and there is a clear renovation
strategy in place.
POTENTIAL TO INCREASE UNIT COUNT THROUGH ADU CONVERSION - Owner storage, community gym and pool
bathrooms provide an opportunity to complete ADU conversion(s).
CASTRO VALLEY AVERAGE RENT IS ONE OF THE LOWEST AS YOU CIRCUMNAVIGATE THE BAY AREA AND OFFERS
A SIGNIFICANT DISCOUNT TO SAN FRANCISCO, SILICON VALLEY, THE SOUTH BAY & NORTH BAY - Current average
rent in Castro Valley is $2,525 and provides between a 2% to 63% discount to other nearby rental markets.
EXCELLENT HISTORICAL & FORECASTED RENT GROWTH & OCCUPANCY TRENDS - Average rent in
Castro Valley has increased by 80% over the last 10 years while maintaining an average occupancy rate of 96% over the
same time period. This trend is expected to continue for the foreseeable future as average rent is expected to increase by
36% while average occupancy is expected to be 94% over the next 10 years.
STRATEGIC ACCESS TO ALL MAJOR EMPLOYMENT CENTERS IN THE SAN FRANCISCO BAY AREA - There are nearly
8.2 million residents and more than 3.8 million jobs within the 11 Bay Area counties.
THE BAY AREA JOB VS. HOUSING IMBALANCE IN ONGOING & CUMULATIVE - Since 2011 nearly 2.78 more jobs than
housing units were added to the Bay Area creating the housing crisis that is present today. Demand for rental units remains
grounded in the fact that there will continue to be a dire housing crisis in the Bay Area for the foreseeable future.
THE BAY AREAS EXORBITANT COST OF HOMEOWNERSHIP PERPETUATES THE SUPPLY/DEMAND IMBALANCE - The
Castro Valley median single family home sale price has increased by nearly 29% over the last 5 years. Renting VS owning
will save a family making the Castro Valley median annual household income 48% of their income over a 1 year period.