Excellent Returns with Upside - 57 Units - Hayward, CA

Highlights:

• - No Rent Control, unincorporated Hayward
• - Units are in good condition with approximately 47 having had interior updates
• - Commuters enjoy easy access to Interstates 880, 680, 580 and 238 and connect directly to the
• Peninsula via State Route 92 (San Mateo Bridge).

Description:

Built in two phases in 1961 and 1987, Alpine Vista offers a mix of well-designed one and two
bedroom units with open floor plans. It has been extensively renovated over he last 5 years
with approximately 85% of units having been upgraded with new appliances, stylish two-tone
paint, granite counters with a breakfast bar, custom cabinetry, dishwasher installation, elegant
lighting and plumbing fixtures, premium carpeting and laminate wood or vinyl plank flooring. The
property has also undergone significant exterior and common area improvements including a
modern exterior paint scheme, 100% replacement of windows/sliders, a remodeled leasing office,
gated garbage/recycle areas, beautiful gazebo area with views, and a picnic area. The property
features enclosed garage parking for the residents to securely park their vehicles and also has
stunning views of the San Francisco Bay and surrounding area from many of the upper floor units.
A RUBS program, that currently has about 80% penetration, provides a significant increase in NOI by offsetting utility costs. It is primed for a new owner to complete the reposition by renovating the remaining units upon turnover with upgrades that have concretely proven to provide substantial return on investment. Other opportunities for a future owner to further enhance the property include adding a fitness center or an additional unit in a currently unused space adjacent to the leasing office. That space has recently been upgraded with new drywall,
electrical and lighting. The handrails that line the property can also be covered with a wood
façade to create a greater sense of privacy.