Bay Apartment Advisors Brokers the Sale of 9 Units in Adams Point Near Lake Merritt

Patrick Nash, a senior associate at Bay Apartment Advisors, has brokered the sale of 415 adams Street in the City of Oakland. The 9 unit property sold for $1,550,000, which equates to $172,222 per unit, a 5.80% cap rate, and 10.98 GRM.

The property is located just off Grand Ave. in adam’s Point, a highly desirable market for both renters and investors alike. According to Nash, “the property has 8 large 2 bedrooms units, which are currently renting well below market rates, creating a large amount of upside.”

Oakland and more specifically Adams Point, has benefited from the low vacancy and high rental rates in San Francisco and the Peninsula. Rents in Oakland are up 15% on average from the same period last year.

About Bay Apartment Advisors
Bay Apartment Advisors is a highly specialized apartment brokerage firm based in Oakland, California. BAA focuses solely on the brokerage, management, and investment of apartment buildings. Since 2010, Bay Apartment Advisors has been a market leader of multi-Family housing transactions in the San Francisco Bay Area.

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