Five Unit Oakland Asset Sells for $1.2MM

Marcus & Millichap, Oakland, Bay Area, BART, San Francisco, Magnolia Street,

OAKLAND, CA, November 26, 2018 – 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 1033 Magnolia Street, a five-unit apartment property located in Oakland, California, according to David C. Nelson, Regional Manager of the firm’s Oakland office. The asset sold for $1,200,000.

Louis Kwok and Max Kandel, investment specialists in Marcus & Millichap’s Oakland office, had the exclusive listing to market the property on behalf of the seller, a local investor. Darija Walker, Associate Director with Marcus & Millichap Capital Corp., arranged the financing for the buyer. The seller had owned the building for more than thirty years. The property was delivered with a vacant unit giving the buyer the opportunity to quickly add value to the asset.

“Despite the property’s brick foundation, recent interest rate increases and declining rental rate growth in West Oakland, we obtained multiple offers. Value-add assets in West Oakland continue to attract capital from investors throughout the Bay Area,” said Louis Kwok.

1033 Magnolia Street is situated minutes from the West Oakland BART Station and 12th Street BART Station. The asset is also close to Interstates 880 and 980, providing quick and easy access to San Francisco and the remainder of the Bay Area.

About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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