16-Unit Multifamily Property in Oakland Sells for $3.96MM

NAI Northern California, NAI Global, Oakland, East Bay, Bay Area

NAI Northern California, NAI Global, Oakland, East Bay, Bay Area

OAKLAND, California – 12/22/2016 – NAI Northern California, a member of the world’s premier managed network of commercial real estate firms, is pleased to announce the purchase and sale of a 16-unit Mixed-use retail and residential property located at 509 Sycamore St. in Oakland, CA. Vice President Shivu Srinivasan represented both the seller and buyer in the $3.96 million dollar sale of the property.

Built in 1920, 509 Sycamore St. is a 16-unit Mixed-use building consisting of three ground level retail spaces as well as 13 residential units including 4 studios, 7 1-Bed/1-Bath units, and 2 2-Bed/1-Bath units. Located in Oakland’s Uptown neighborhood, the property is in close proximity to public transportation, Lake Merritt, Downtown Oakland, and various local amenities. The prime location, significant growth within the neighborhood, and the opportunity for a stable asset with significant upside resulted in increased interest from investors for this value-add opportunity.

“We continue to see a very strong demand for low yield properties in Oakland,” said Shivu Srinivasan, Vice President at NAI. “Markets like Oakland appear to be less inflated, and demand should continue even as we enter a higher yield stage in the current cycle. With limited inventory and caps on rent increases, most investors are willing to accept a low return today in exchange for a high return tomorrow.”

About NAI Northern California
NAI Northern California is full service commercial real estate firm in the San Francisco Bay Area and part of NAI Global, the largest managed network of Commercial Real Estate Brokerage Service firms in the World. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, NAI Northern California provides comprehensive brokerage, leasing, debt, advisory, and property management services for corporate end users, property owners, developers, investors and financial institutions. To learn more, visit www.nainorcal.com

About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

NAI Global was acquired in 2012 by C-III Capital Partners, a commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, title services and multifamily property management. To learn more, visit www.naiglobal.com.

West Coast Commercial Real Estate News