Garden Villas

9914 99th Avenue Court Oakland, CA 94603 72 Units
Garden Villas

Investment Highlights

  • Significant NOI Upside
  • Property Tax Welfare Exemption
  • Additional Section 8 Voucher Upside
  • 100% LIHTC with Attractive Unit Mix
  • Strong Long-Term Growth with Affordability

Property Description

Garden Villas is a 72-unit affordable housing community situated on 3.43 acres within a Qualified Census Tract (QCT) in Oakland, California. Placed in service in November 2009, this 100% LIHTC property offers a mix of 16.7% one-bedroom and 83.3% two-bedroom floor plans units. Garden Villas is encumbered with a 55-year statewide affordability agreement that expires in 2064, which exempts a new owner from real estate property taxes should they meet the necessary requirements. The property’s current resident base includes several Section 8 tenants. Rental income may be further increased by filling current and future vacancies with Section 8 vouchers. Additional NOI upside is also achievable by making operational improvements, considering rents are currently below the allowable maximum and in-place expenses are significantly above market compared to similar assets.

Property Location
9914 99th Avenue Court
Oakland, CA 94603
Garden Villas is positioned just off International Boulevard, a major commercial corridor linking residents with easy access to daily conveniences as well as connectivity to the greater Bay Area. The property is within walking distance of Elmhurst Park, where residents can utilize the playground, basketball court, and picnic areas. The East Oakland Youth Development Center is also 1.5 miles from the property, providing after-school programs and other services for local youth. Garden Villas is well positioned within three miles of major employers such as the Oakland Arena, Oakland International Airport, Amazon, and PepsiCo.

Listing Advisors

Otto Ozen

Executive Vice President

(909) 235-7886
Otto@Mogharebi.com

CA Lic. #01030086

Shawn Bolour

VP, Affordable Housing

(213) 462-1641
Shawn.Bolour@Mogharebi.com

CA Lic. #01862162

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