7-Unit San Francisco Apartment Building Sells for $1.75MM

BERKELEY, CA, May 1, 2017 – 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 7-unit apartment property located in Berkeley, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $1,750,000.

Daniel Maldonado and Jon A. Holmquist, 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 subject property is located at 2925 Mabel Street in Berkeley, CA. The property was constructed circa 1910 and has been in the same family for several decades. The property needed significant updating thus complicating the transaction, and a thorough marketing effort by Jon Holmquist and Daniel Maldonado, located a strong buyer, who was able to obtain beneficial loan terms, and who wrote an offer that passed through non-refundable money in exchange for a longer closing time frame.

About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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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