Skip to main content

Multifamily

Garden Villa Apartments

21165 Garden Ave, Hayward, CA 94541

Listing Price: $4,950,000

Cap Rate
3.86%
Number of Units
15
Occupancy
94.0%
Price/Unit
$330,000
Price/Gross SF
$358.07
Gross SF
13,824

Investment Overview

The Garden Villa Apartments are a very well maintained 15 unit apartment complex consisting of one two-story building on a generous flag-shaped lot. There are 14 townhouse-style two-bedroom/one-and-a-half-bathroom units along with a single one-bedroom/one-bathroom unit over a common laundry room. The building is concrete block construction on a raised foundation and with a sloped shingle roof. Each two-bedroom unit includes a private fenced patio in the rear The building is adjoined by a very large parking lot with 21 spaces, 16 of which are covered. There is also a very large open grass play area, picnic tables, and playset. The owner receives additional income from the coin-operated laundry and from renting each of the extra parking spaces for $25 per month. There are two landlord storage areas, one houses the security camera system and the other a small yard with secure shed at the far end of the property. The owner has invested over $170,000 in Capital and Expenses over the past two calendar years to renovate about nine of the units to include kitchen cabinets, countertops, and baths. Also, over $9,100 in new appliances have been purchased for some units. This significantly reduces maintenance costs going forward and supports rent increases. All units have upgraded dual-pane windows. A new owner would be able to explore the possibility of adding ADUs to the property by taking advantage of the large grassy open space bordered by the parking lot and playground equipment. The tenants pay for gas and electric, and the landlord pays for the water, trash collection, and house meter electricity for the laundry room and exterior lighting. A new owner with an existing management team could increase the NOI further by avoiding the forecasted five percent management expense which is in addition to the $200 per month rent concession for the resident manager.

Investment Highlights

  • Desirable Townhouse Style Units (14) - Well Maintained, 60 Percent Renovated
  • Generous Open Space With Potential For ADUs (Buyer To Verify)
  • Centrally Located To Major Bay Area Employment Centers
  • On-Site Laundry And Extra Parking Generate Additional Income
  • Outside Hayward City Limits - Rental Upside
  • Units Separately Metered For Gas and Electric
  • Townhouse Units Have Private Patios

Exclusively Listed By

Financing By

Multifamily

Garden Villa Apartments

Listing Price: $4,950,000

Cap Rate
3.86%
Number of Units
15
Occupancy
94.0%
Price/Unit
$330,000
Price/Gross SF
$358.07
Gross SF
13,824

Investment Highlights

  • Desirable Townhouse Style Units (14) - Well Maintained, 60 Percent Renovated
  • Generous Open Space With Potential For ADUs (Buyer To Verify)
  • Centrally Located To Major Bay Area Employment Centers
  • On-Site Laundry And Extra Parking Generate Additional Income
  • Outside Hayward City Limits - Rental Upside
  • Units Separately Metered For Gas and Electric
  • Townhouse Units Have Private Patios

Investment Overview

The Garden Villa Apartments are a very well maintained 15 unit apartment complex consisting of one two-story building on a generous flag-shaped lot. There are 14 townhouse-style two-bedroom/one-and-a-half-bathroom units along with a single one-bedroom/one-bathroom unit over a common laundry room. The building is concrete block construction on a raised foundation and with a sloped shingle roof. Each two-bedroom unit includes a private fenced patio in the rear The building is adjoined by a very large parking lot with 21 spaces, 16 of which are covered. There is also a very large open grass play area, picnic tables, and playset. The owner receives additional income from the coin-operated laundry and from renting each of the extra parking spaces for $25 per month. There are two landlord storage areas, one houses the security camera system and the other a small yard with secure shed at the far end of the property. The owner has invested over $170,000 in Capital and Expenses over the past two calendar years to renovate about nine of the units to include kitchen cabinets, countertops, and baths. Also, over $9,100 in new appliances have been purchased for some units. This significantly reduces maintenance costs going forward and supports rent increases. All units have upgraded dual-pane windows. A new owner would be able to explore the possibility of adding ADUs to the property by taking advantage of the large grassy open space bordered by the parking lot and playground equipment. The tenants pay for gas and electric, and the landlord pays for the water, trash collection, and house meter electricity for the laundry room and exterior lighting. A new owner with an existing management team could increase the NOI further by avoiding the forecasted five percent management expense which is in addition to the $200 per month rent concession for the resident manager.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower