14-Unit Apartment Building in San Francisco Sells for $6.25MM

Marcus & Millichap San Francisco 390 Liberty Street Dolores Park apartment Bay Area

390-liberty-streetSAN FRANCISCO, CA, October 11, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 14-unit apartment property located in San Francisco, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $6,250,000.

Clinton Textor and Joseph Levy, 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 Joseph Levy and Clinton Textor, investment specialists in Marcus & Millichap’s San Francisco office.

390 Liberty Street is a stunning fourteen-unit Edwardian apartment building with nine parking spaces in one of the most desirable neighborhoods in the San Francisco market. Market rents have sky-rocketed in this location due to many high income earners choosing to rent in proximity to easy commute “tech” bus lines and Dolores Park. The property offers an investor a rare amount of upside along with copious banked rents.

The property consists of a unit-mix of fourteen large and spacious one-bedroom units. The units are heated with wall heaters, and are separately metered for gas and electricity. Each unit has carpets in the living areas, large bay windows with exceptional light, and ample amounts of closet space. Many of them have great views of this quiet street on Liberty as well as over-looking Dolores Park. The property features brand new hall carpets, newly updated roof, and a fresh paint job. There is a coin operated laundry in the property, and ample storage space. Adding to the charm of the property, there is an original entryway with crown molding and Edwardian style tiles. The property was constructed in 1929.

About Marcus & Millichap
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com

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