Marcus & Millichap Sells A 14-Unit Apartment Building in San Francisco
SAN FRANCISCO, CA, January 21, 2013– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 14-unit apartment property located in San Francisco, CA, according to Jeffrey M. Mishkin, FVP/Regional Manager of the firm’s San Francisco office. The asset commanded a sales price of $1,645,000.
Michael Pollard and Clinton Textor, investment specialists in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Brad Lagomarsino and James Devincenti, investment specialists in Marcus & Millichap’s San Francisco office.
The subject property is an attractive 14-unit apartment building located at 624 Ellis Street, San Francisco. The unit-mix of 12 studios, one, one-bedroom/one-bath and one commercial space. The building appears to have a concrete foundation and a roof in good condition. All units are separately metered for gas and electric. The units are heated by an electric base board. The subject property was constructed in 1923.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.