15-Unit San Francisco Apartment Building Sells for $6.7MM

San Francisco, Marcus & Millichap, Bay Area

San Francisco, Marcus & Millichap, Bay AreaSAN FRANCISCO, CA, September 12, 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 15-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 $6,675,000.

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 limited liability company, was secured and represented by Clinton Textor and Joseph Levy.

430 Baker Street is a classic San Francisco 1920’s art deco styled apartment building located in one of the most sought after neighborhoods in the city. The building sits on a large lot (9,726 square feet) which allows for incredible expansion potential. The building has an ideal unit-mix of nine studios and six one-bedrooms, as well as 20 parking spaces. The property offers an investor a rare amount of upside and expansion potential in a tremendous location. One of the major attributes of the property was the large parking lot in the rear of the building that offered a potential for expansion. The sale was the result of a competitive bidding process with multiple offers all over the asking price.

About Marcus & Millichap (NYSE: MMI)
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

West Coast Commercial Real Estate News